The case pertains to IA (IBC) 1563/2022 filed in CP(IB) No. 17/9/HDB/2022 under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks approval of the resolution plan submitted by Mr. Ratakonda Vivek Kumar jointly with Ashok Kumar Buddharaju, which was approved by the Committee of Creditors (CoC) with 100% votes. The main petition was filed by the Operational Creditor, M/s CJ Chemicals Private Limited, under Section 9 of the IBC, 2016, and was admitted by the Adjudicating Authority on 01.07.2022, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s LN Industries India Limited.
…M/s CJ Chemicals Private Limited initiated CIRP against M/s LN Industries India Limited under Section 9 of IBC, which was admitted on 01.07.2022. Mr. Maligi Madhusudhana Reddy was appointed as the Resolution Professional. The CoC was formed, comprising financial creditors. The Resolution Professional received 13 requests from Prospective Resolution Applicants, and two PRAs fulfilled the requirements. The Resolution Professional provided the Information Memorandum and Evaluation Matrix. Two resolution plans were received from Kundan Care Products Limited and Ratakonda Vivek Kumar along with Ashok Kumar Buddharaju. The CoC approved the resolution plan submitted by Ratakonda Vivek Kumar jointly with Ashok Kumar Buddharaju with 100% votes. The resolution plan contemplates
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The Adjudicating Authority admitted the Section…
Public announcement was…
The case pertains to IA (IBC) 1563/2022 filed in CP(IB) No. 17/9/HDB/2022 under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks approval of the resolution plan submitted by Mr. Ratakonda Vivek Kumar jointly with Ashok Kumar Buddharaju, which was approved by the Committee of Creditors (CoC) with 100% votes. The main petition was filed by the Operational Creditor, M/s CJ Chemicals Private Limited, under Section 9 of the IBC, 2016, and was admitted by the Adjudicating Authority on 01.07.2022, initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s LN Industries India Limited.
…M/s CJ Chemicals Private Limited initiated CIRP against M/s LN Industries India Limited under Section 9 of IBC, which was admitted on 01.07.2022. Mr. Maligi Madhusudhana Reddy was appointed as the Resolution Professional. The CoC was formed, comprising financial creditors. The Resolution Professional received 13 requests from Prospective Resolution Applicants, and two PRAs fulfilled the requirements. The Resolution Professional provided the Information Memorandum and Evaluation Matrix. Two resolution plans were received from Kundan Care Products Limited and Ratakonda Vivek Kumar along with Ashok Kumar Buddharaju. The CoC approved the resolution plan submitted by Ratakonda Vivek Kumar jointly with Ashok Kumar Buddharaju with 100% votes. The resolution plan contemplates
…The Adjudicating Authority admitted the Section…
Public announcement was…