The Interlocutory Application was filed by the Resolution Professional of Nui Pulp & Paper Industries Private Limited, under Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of the Resolution Plan submitted by Consortium of Mr. Syed Abdul Ahad, which is approved by the Committee of Creditors under Section 30(4) of the IBC with 100% voting rights. The Corporate Debtor is a private limited company incorporated on 09.09.2009 under the Companies Act 2013 and is engaged in the business of manufacture of Paper Cups and is a 100% export oriented unit.
Roxel Trading Company Gmbh, Austria, an Operational Creditor, filed a petition under Section 9 of IBC Code against the Corporate Debtor (CD), Nui Pulp & Paper Industries Private Limited for initiating Corporate Insolvency Resolution Process (“CIRP”). The Tribunal admitted the petition on 07.11.2019. The IRP has collated the claims and constituted the Committee of Creditors on 04.12.2019 with only one secured Financial Creditor, Bank of Baroda (Erstwhile Vijaya Bank) with a claim to the extent of Rs. 11,67,10,586/-. The suspended Directors of the Corporate Debtor's unsecured Financial debt claim to the extent of Rs.7,71,45,342/- was admitted based on the books of accounts duly audited as on 31.03.2019. The applicant was appointed as the Resolution Professional
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Corporate Debtor…
Tribunal admitted the petition under Section…
The Interlocutory Application was filed by the Resolution Professional of Nui Pulp & Paper Industries Private Limited, under Section 31 (1) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for approval of the Resolution Plan submitted by Consortium of Mr. Syed Abdul Ahad, which is approved by the Committee of Creditors under Section 30(4) of the IBC with 100% voting rights. The Corporate Debtor is a private limited company incorporated on 09.09.2009 under the Companies Act 2013 and is engaged in the business of manufacture of Paper Cups and is a 100% export oriented unit.
Roxel Trading Company Gmbh, Austria, an Operational Creditor, filed a petition under Section 9 of IBC Code against the Corporate Debtor (CD), Nui Pulp & Paper Industries Private Limited for initiating Corporate Insolvency Resolution Process (“CIRP”). The Tribunal admitted the petition on 07.11.2019. The IRP has collated the claims and constituted the Committee of Creditors on 04.12.2019 with only one secured Financial Creditor, Bank of Baroda (Erstwhile Vijaya Bank) with a claim to the extent of Rs. 11,67,10,586/-. The suspended Directors of the Corporate Debtor's unsecured Financial debt claim to the extent of Rs.7,71,45,342/- was admitted based on the books of accounts duly audited as on 31.03.2019. The applicant was appointed as the Resolution Professional
…Corporate Debtor…
Tribunal admitted the petition under Section…