The case involves the approval of a resolution plan for Maini Construction Equipments Private Limited (MCEPL), a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a company petition filed in the Delhi High Court and subsequently transferred to the NCLT. The resolution professional (RP) sought approval for the resolution plan submitted by a resolution applicant. The process involved public announcements, collation of claims, constitution of a Committee of Creditors (CoC), and multiple CoC meetings. An objector, Mr. Harmeet Singh, raised objections to the resolution plan, primarily concerning his status as a personal guarantor.
Maini Construction Equipments Private Limited (MCEPL) underwent CIRP following a company petition (CP-1236/2016) initially filed in the Delhi High Court and later transferred to the NCLT. The CIRP was initiated on 2017-06-01. Mr. Debashis Nanda was appointed as the Resolution Professional (RP). The RP made public announcements to invite claims from stakeholders. The State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers to assess the assets of the corporate debtor. The average value of the assets was assessed at Rs. 9.63 Crores as fair value and Rs. 8.45 Crore as liquidation value. SBI adjusted amounts from the corporate debtor's account and declared it NPA on 2017-11-28, leading to the RP
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Company Petition…
The matter was transferred to the NCLT following…
The case involves the approval of a resolution plan for Maini Construction Equipments Private Limited (MCEPL), a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a company petition filed in the Delhi High Court and subsequently transferred to the NCLT. The resolution professional (RP) sought approval for the resolution plan submitted by a resolution applicant. The process involved public announcements, collation of claims, constitution of a Committee of Creditors (CoC), and multiple CoC meetings. An objector, Mr. Harmeet Singh, raised objections to the resolution plan, primarily concerning his status as a personal guarantor.
Maini Construction Equipments Private Limited (MCEPL) underwent CIRP following a company petition (CP-1236/2016) initially filed in the Delhi High Court and later transferred to the NCLT. The CIRP was initiated on 2017-06-01. Mr. Debashis Nanda was appointed as the Resolution Professional (RP). The RP made public announcements to invite claims from stakeholders. The State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers to assess the assets of the corporate debtor. The average value of the assets was assessed at Rs. 9.63 Crores as fair value and Rs. 8.45 Crore as liquidation value. SBI adjusted amounts from the corporate debtor's account and declared it NPA on 2017-11-28, leading to the RP
…Company Petition…
The matter was transferred to the NCLT following…