State Bank of India filed a Miscellaneous Application (MA 1909/2019) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Parte Casters Private Limited ('Corporate Debtor') due to the failure of the Resolution Plan. The Resolution Plan, approved by the Committee of Creditors (CoC) and the Tribunal on October 22, 2018, was not implemented by the Successful Resolution Applicant (SRA), Mr. Pritviraj Patil and Mr. Amol Jagdale. The applicant sought initiation of liquidation process, appointment of Mr. Girish Juneja as liquidator, and sanctions against the Resolution Applicants under section 74(3) of the Insolvency and Bankruptcy Code, 2016.
State Bank of India (SBI) filed MA 1909/2019 seeking liquidation of Parte Casters Private Limited (Corporate Debtor). The application was filed due to the failure of the Resolution Plan approved by the NCLT on October 22, 2018. The Resolution Plan was approved with a value of Rs. 4.79 Crores against a liquidation value of Rs. 1.30 Crores. The Resolution Plan stipulated that the secured financial creditor, SBI, would be paid Rs. 1.79 Crores, including CIRP costs of Rs. 0.79 Crores within 30 days and Rs. 1 Crore within 90 days from the Effective Date. The Effective Date was defined as the date on which various approvals mandatorily required for implementation of the Proposed Plan are provided by the concerned authority, which was October 22, 2018. The 30-day deadline
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The Tribunal approved the Resolution Plan…
The Effective Date of…
State Bank of India filed a Miscellaneous Application (MA 1909/2019) under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Parte Casters Private Limited ('Corporate Debtor') due to the failure of the Resolution Plan. The Resolution Plan, approved by the Committee of Creditors (CoC) and the Tribunal on October 22, 2018, was not implemented by the Successful Resolution Applicant (SRA), Mr. Pritviraj Patil and Mr. Amol Jagdale. The applicant sought initiation of liquidation process, appointment of Mr. Girish Juneja as liquidator, and sanctions against the Resolution Applicants under section 74(3) of the Insolvency and Bankruptcy Code, 2016.
State Bank of India (SBI) filed MA 1909/2019 seeking liquidation of Parte Casters Private Limited (Corporate Debtor). The application was filed due to the failure of the Resolution Plan approved by the NCLT on October 22, 2018. The Resolution Plan was approved with a value of Rs. 4.79 Crores against a liquidation value of Rs. 1.30 Crores. The Resolution Plan stipulated that the secured financial creditor, SBI, would be paid Rs. 1.79 Crores, including CIRP costs of Rs. 0.79 Crores within 30 days and Rs. 1 Crore within 90 days from the Effective Date. The Effective Date was defined as the date on which various approvals mandatorily required for implementation of the Proposed Plan are provided by the concerned authority, which was October 22, 2018. The 30-day deadline
…The Tribunal approved the Resolution Plan…
The Effective Date of…