The case involves an application (IA-5773/2023) heard by the National Company Law Tribunal (NCLT), New Delhi Bench, regarding the corporate insolvency resolution process (CIRP) of M U Buildcon Pvt. Ltd. Vinsan Credit & Securities Limited is the applicant/petitioner. The Committee of Creditors (CoC) had passed a resolution on 04.09.2023 approving a settlement proposal submitted by the power suspended Directors of the Corporate Debtor.
Vinsan Credit & Securities Limited initiated CIRP against M U Buildcon Pvt. Ltd. under Section 7 of the IBC, 2016. The Committee of Creditors (CoC) approved a settlement proposal from the erstwhile management of M U Buildcon Pvt. Ltd. The settlement involved an initial payment of 5% of the principal amount to the financial creditors, including Vinsan Credit & Securities Limited, Parsee Leasing And Finvest Limited, and Dayal Finsec Limited, via cheques. The resolution outlined a schedule for paying the remaining principal amount in installments by specific dates, with interest implications for defaults. The CoC also authorized the filing of a withdrawal application under Section 12A of the IBC. The applicant sought withdrawal of the CIRP based on the settlement
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The Committee of Creditors passed a…
The NCLT delivered the order allowing…
The case involves an application (IA-5773/2023) heard by the National Company Law Tribunal (NCLT), New Delhi Bench, regarding the corporate insolvency resolution process (CIRP) of M U Buildcon Pvt. Ltd. Vinsan Credit & Securities Limited is the applicant/petitioner. The Committee of Creditors (CoC) had passed a resolution on 04.09.2023 approving a settlement proposal submitted by the power suspended Directors of the Corporate Debtor.
Vinsan Credit & Securities Limited initiated CIRP against M U Buildcon Pvt. Ltd. under Section 7 of the IBC, 2016. The Committee of Creditors (CoC) approved a settlement proposal from the erstwhile management of M U Buildcon Pvt. Ltd. The settlement involved an initial payment of 5% of the principal amount to the financial creditors, including Vinsan Credit & Securities Limited, Parsee Leasing And Finvest Limited, and Dayal Finsec Limited, via cheques. The resolution outlined a schedule for paying the remaining principal amount in installments by specific dates, with interest implications for defaults. The CoC also authorized the filing of a withdrawal application under Section 12A of the IBC. The applicant sought withdrawal of the CIRP based on the settlement
…The Committee of Creditors passed a…
The NCLT delivered the order allowing…