The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Narayani Steels Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by ICICI Bank Limited under section 7 of the IBC. The resolution professional (RP) invited expressions of interest (EoI) from potential resolution applicants, and after several CoC meetings and negotiations, Rishikunj Vincom Private Limited's resolution plan was approved by the CoC with 100% vote.
ICICI Bank Limited initiated CIRP against Narayani Steels Limited under Section 7 of IBC. Krishna Komaravolu was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement of CIRP was made on 26.03.2021. The CoC was constituted on 16.04.2021, comprising 7 financial creditors. Invitations for Expressions of Interest (EoI) were published on 25.06.2021, with a deadline of 10.07.2021. Five EoIs were received, and a list of prospective resolution applicants (PRAs) was issued on 31.07.2021. Only two PRAs, Rishikunj Vincom Private Limited and Duddu Fin-Lease Private Limited, submitted resolution plans. Rishikunj Vincom revised its plan amount to Rs. 27.72 crores. The CoC declared Rishikunj Vincom as the successful
…Sign in to view the parties.
The Company Petition filed by ICICI Bank…
Public announcement regarding the initiation of…
The case pertains to an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Narayani Steels Limited. The corporate insolvency resolution process (CIRP) was initiated following a petition filed by ICICI Bank Limited under section 7 of the IBC. The resolution professional (RP) invited expressions of interest (EoI) from potential resolution applicants, and after several CoC meetings and negotiations, Rishikunj Vincom Private Limited's resolution plan was approved by the CoC with 100% vote.
ICICI Bank Limited initiated CIRP against Narayani Steels Limited under Section 7 of IBC. Krishna Komaravolu was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement of CIRP was made on 26.03.2021. The CoC was constituted on 16.04.2021, comprising 7 financial creditors. Invitations for Expressions of Interest (EoI) were published on 25.06.2021, with a deadline of 10.07.2021. Five EoIs were received, and a list of prospective resolution applicants (PRAs) was issued on 31.07.2021. Only two PRAs, Rishikunj Vincom Private Limited and Duddu Fin-Lease Private Limited, submitted resolution plans. Rishikunj Vincom revised its plan amount to Rs. 27.72 crores. The CoC declared Rishikunj Vincom as the successful
…The Company Petition filed by ICICI Bank…
Public announcement regarding the initiation of…