The case involves an application for an extension of the Corporate Insolvency Resolution Process (CIRP) for Deep Star Alloys and Steels Private Limited. The CIRP commenced on 2024-03-12, and a previous extension had been granted. A resolution plan was received from a prospective resolution applicant but could not be voted on due to the indecisiveness of a Committee of Creditors (CoC) member holding 60% of the vote shares, specifically the Income Tax Department. The applicant hoped that an extension would allow the Income Tax Department to finalize their decision.
The Corporate Insolvency Resolution Process (CIRP) for Deep Star Alloys and Steels Private Limited commenced on 2024-03-12. An application was filed seeking an extension of the CIRP for 90 days, from 2024-12-10 to 2025-03-10. A resolution plan was received, but voting was stalled due to the indecisiveness of the Income Tax Department, a member of the Committee of Creditors (CoC) holding 60% of the vote shares. The Income Tax Department sought further time to vote on the Resolution Plan. The initial CIRP period of 270 days expired on 2024-12-09. The court had previously directed the CoC to either vote on the Resolution Plan or pass a resolution for liquidation. The court granted an extension of the CIRP process from 2024-12-10 to 2025-01-26. No resolution plan was
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Corporate Insolvency Resolution Process (CIRP)…
Bench vide order dated 21.10.2024, as a last…
The case involves an application for an extension of the Corporate Insolvency Resolution Process (CIRP) for Deep Star Alloys and Steels Private Limited. The CIRP commenced on 2024-03-12, and a previous extension had been granted. A resolution plan was received from a prospective resolution applicant but could not be voted on due to the indecisiveness of a Committee of Creditors (CoC) member holding 60% of the vote shares, specifically the Income Tax Department. The applicant hoped that an extension would allow the Income Tax Department to finalize their decision.
The Corporate Insolvency Resolution Process (CIRP) for Deep Star Alloys and Steels Private Limited commenced on 2024-03-12. An application was filed seeking an extension of the CIRP for 90 days, from 2024-12-10 to 2025-03-10. A resolution plan was received, but voting was stalled due to the indecisiveness of the Income Tax Department, a member of the Committee of Creditors (CoC) holding 60% of the vote shares. The Income Tax Department sought further time to vote on the Resolution Plan. The initial CIRP period of 270 days expired on 2024-12-09. The court had previously directed the CoC to either vote on the Resolution Plan or pass a resolution for liquidation. The court granted an extension of the CIRP process from 2024-12-10 to 2025-01-26. No resolution plan was
…Corporate Insolvency Resolution Process (CIRP)…
Bench vide order dated 21.10.2024, as a last…