The Corporate Insolvency Resolution Process (CIRP) was initiated for Peekay Mediequip Limited based on an application by Mr. K.R. Sundaresan, a Financial Creditor, under Section 7 of the IBC, 2016. Mr. R. Raghavendran was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The CIRP involved several Committee of Creditors (CoC) meetings, expressions of interest, and revisions of resolution plans. The resolution plan submitted by Mr. G. Shankar was approved by the CoC with 76.60% voting share.
Peekay Mediequip Limited, a MSME unit manufacturing hypodermic needles and syringes, underwent CIRP initiated by a financial creditor, Mr. K.R. Sundaresan. Mr. R. Raghavendran was appointed as the Resolution Professional. The CIRP timeline included public announcements, CoC formation, and multiple CoC meetings to discuss and revise resolution plans. Mr. G. Shankar, the ex-promoter, submitted a resolution plan that was approved by the CoC with 76.60% voting share. The plan involves infusion of funds through equity and unsecured loans, with a detailed payout structure for various creditors. The resolution plan also includes waivers and concessions sought by the Resolution Applicant, some of which were granted subject to certain conditions. The fair value of the company
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CIRP initiated by the Adjudicating Authority…
Public announcement…
The Corporate Insolvency Resolution Process (CIRP) was initiated for Peekay Mediequip Limited based on an application by Mr. K.R. Sundaresan, a Financial Creditor, under Section 7 of the IBC, 2016. Mr. R. Raghavendran was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The CIRP involved several Committee of Creditors (CoC) meetings, expressions of interest, and revisions of resolution plans. The resolution plan submitted by Mr. G. Shankar was approved by the CoC with 76.60% voting share.
Peekay Mediequip Limited, a MSME unit manufacturing hypodermic needles and syringes, underwent CIRP initiated by a financial creditor, Mr. K.R. Sundaresan. Mr. R. Raghavendran was appointed as the Resolution Professional. The CIRP timeline included public announcements, CoC formation, and multiple CoC meetings to discuss and revise resolution plans. Mr. G. Shankar, the ex-promoter, submitted a resolution plan that was approved by the CoC with 76.60% voting share. The plan involves infusion of funds through equity and unsecured loans, with a detailed payout structure for various creditors. The resolution plan also includes waivers and concessions sought by the Resolution Applicant, some of which were granted subject to certain conditions. The fair value of the company
…CIRP initiated by the Adjudicating Authority…
Public announcement…