The case involves an application filed by the Resolution Professional (RP) of Navya Agro Products Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by NK Power and Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 10 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan was approved by the NCLT.
Navya Agro Products Pvt. Ltd. was admitted into CIRP on 26.08.2021, following an application under Section 10 of the IBC. Vakati Balasubramaniam Reddy was initially appointed as the Interim Resolution Professional (IRP), later replaced by Purshotam Gaggar. The Committee of Creditors (CoC) was constituted on 22.09.2021. The liquidation value of the corporate debtor was determined to be Rs. 2,21,55,726.00. The RP received two resolution plans, one from Radha Coke Products Pvt. Ltd. and another from NK Power and Infrastructure Pvt. Ltd. The CoC approved the resolution plan of NK Power and Infrastructure Pvt. Ltd. with 100% voting share. The resolution plan involves an infusion of funds totaling Rs. 3.92 crore. The resolution plan provides for upfront payments to financial
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Corporate Insolvency Resolution Process (CIRP)…
Vakati Balasubramaniam…
The case involves an application filed by the Resolution Professional (RP) of Navya Agro Products Pvt. Ltd. under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by NK Power and Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 10 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share. The resolution plan was approved by the NCLT.
Navya Agro Products Pvt. Ltd. was admitted into CIRP on 26.08.2021, following an application under Section 10 of the IBC. Vakati Balasubramaniam Reddy was initially appointed as the Interim Resolution Professional (IRP), later replaced by Purshotam Gaggar. The Committee of Creditors (CoC) was constituted on 22.09.2021. The liquidation value of the corporate debtor was determined to be Rs. 2,21,55,726.00. The RP received two resolution plans, one from Radha Coke Products Pvt. Ltd. and another from NK Power and Infrastructure Pvt. Ltd. The CoC approved the resolution plan of NK Power and Infrastructure Pvt. Ltd. with 100% voting share. The resolution plan involves an infusion of funds totaling Rs. 3.92 crore. The resolution plan provides for upfront payments to financial
…Corporate Insolvency Resolution Process (CIRP)…
Vakati Balasubramaniam…