The case involves an application (I.A. No. 4/2024) filed in a corporate insolvency resolution process (CIRP) against KSS Limited ('Corporate Debtor'). The CIRP was initiated following a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Micro Capitals Private Limited, the Financial Creditor. Mr. Dharmendra Dhelariya was appointed as the Interim Resolution Professional (IRP). The Resolution Professional (RP) published an invitation for Expression of Interest (EOI) and received multiple EOIs, with Micro Capitals Private Limited submitting a Resolution Plan. The CoC approved the Resolution Plan with 77.97% voting share. The RP filed an application seeking approval of the Resolution Plan, which was objected to by the Commissioner of Income Tax
…Micro Capitals Private Limited initiated CIRP against KSS Limited under Section 7 of IBC. Dharmendra Dhelariya was appointed as IRP. Public announcement was made on 2023-01-30. Claims of Rs. 95.59 Crores were received from Micro Capitals Private Limited and Axis Bank Limited. Micro Capitals Private Limited held 77.97% voting right, while Axis Bank Limited held 22.07%. Two registered valuers were appointed on 2023-02-28. Invitation for Expression of Interest (EOI) was published on 2023-03-25. Micro Capitals Private Limited submitted a Resolution Plan on 2023-06-14. The CoC decided to extend the CIRP period on 2023-07-19. The Corporate Debtor's premises were sealed by the Enforcement Directorate. The Resolution Plan was approved by 77.97% voting on 2023-10-17. A Letter
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Corporate Insolvency Resolution Process…
A public announcement was made on 30.01.2023…
The case involves an application (I.A. No. 4/2024) filed in a corporate insolvency resolution process (CIRP) against KSS Limited ('Corporate Debtor'). The CIRP was initiated following a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Micro Capitals Private Limited, the Financial Creditor. Mr. Dharmendra Dhelariya was appointed as the Interim Resolution Professional (IRP). The Resolution Professional (RP) published an invitation for Expression of Interest (EOI) and received multiple EOIs, with Micro Capitals Private Limited submitting a Resolution Plan. The CoC approved the Resolution Plan with 77.97% voting share. The RP filed an application seeking approval of the Resolution Plan, which was objected to by the Commissioner of Income Tax
…Micro Capitals Private Limited initiated CIRP against KSS Limited under Section 7 of IBC. Dharmendra Dhelariya was appointed as IRP. Public announcement was made on 2023-01-30. Claims of Rs. 95.59 Crores were received from Micro Capitals Private Limited and Axis Bank Limited. Micro Capitals Private Limited held 77.97% voting right, while Axis Bank Limited held 22.07%. Two registered valuers were appointed on 2023-02-28. Invitation for Expression of Interest (EOI) was published on 2023-03-25. Micro Capitals Private Limited submitted a Resolution Plan on 2023-06-14. The CoC decided to extend the CIRP period on 2023-07-19. The Corporate Debtor's premises were sealed by the Enforcement Directorate. The Resolution Plan was approved by 77.97% voting on 2023-10-17. A Letter
…Corporate Insolvency Resolution Process…
A public announcement was made on 30.01.2023…