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 an application under Section 10 of the IBC, which was allowed by the Tribunal on 26.08.2021. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share in its 12th meeting held on 28.06.2022. The RP has conducted the CIRP as per the regulations and has submitted a compliance certificate.
Navya Agro Products Pvt. Ltd. (NAPPL) 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 Corporate Debtor (CD) is not a going concern and was involved in manufacturing pet bottles and tin containers, as well as trading paddy and mustard oil. The liquidation value of the CD is 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 with 100% voting share. The resolution amount offered by
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Application for CIRP under Section 10 of IBC…
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 an application under Section 10 of the IBC, which was allowed by the Tribunal on 26.08.2021. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share in its 12th meeting held on 28.06.2022. The RP has conducted the CIRP as per the regulations and has submitted a compliance certificate.
Navya Agro Products Pvt. Ltd. (NAPPL) 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 Corporate Debtor (CD) is not a going concern and was involved in manufacturing pet bottles and tin containers, as well as trading paddy and mustard oil. The liquidation value of the CD is 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 with 100% voting share. The resolution amount offered by
…Application for CIRP under Section 10 of IBC…
Vakati Balasubramaniam…