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, which was later 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 objection was raised by a personal guarantor, Harmeet Singh, contesting his guarantee. The resolution plan was approved by the CoC and subsequently presented to the NCLT for final approval.
Maini Construction Equipments Private Limited (MCEPL) underwent Corporate Insolvency Resolution Process (CIRP) following a company petition initially filed in the Delhi High Court and later transferred to the National Company Law Tribunal (NCLT). The CIRP was initiated on 2017-06-01. Debashis Nanda was appointed as the Resolution Professional (RP). A public announcement was made on 2017-07-25 to invite claims from stakeholders. State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers and conducted a transactional review audit, but no avoidable transactions were reported. SBI adjusted amounts from MCEPL's account and seized operations on 2017-11-28, affecting the CIRP. The NCLT granted exclusion
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The underlying Company Petition CP-1236/2016…
In pursuance of notification D.L.33004/99…
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, which was later 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 objection was raised by a personal guarantor, Harmeet Singh, contesting his guarantee. The resolution plan was approved by the CoC and subsequently presented to the NCLT for final approval.
Maini Construction Equipments Private Limited (MCEPL) underwent Corporate Insolvency Resolution Process (CIRP) following a company petition initially filed in the Delhi High Court and later transferred to the National Company Law Tribunal (NCLT). The CIRP was initiated on 2017-06-01. Debashis Nanda was appointed as the Resolution Professional (RP). A public announcement was made on 2017-07-25 to invite claims from stakeholders. State Bank of India (SBI) was the sole financial creditor and constituted the Committee of Creditors (CoC). The RP engaged valuers and conducted a transactional review audit, but no avoidable transactions were reported. SBI adjusted amounts from MCEPL's account and seized operations on 2017-11-28, affecting the CIRP. The NCLT granted exclusion
…The underlying Company Petition CP-1236/2016…
In pursuance of notification D.L.33004/99…