Prince Pipes and Fittings Limited (PPFL) filed an Interlocutory Application (I.A. 894/2022) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions for its resolution plan to be considered for Prince SWR Systems Private Limited (‘PSSPL'), the Corporate Debtor, which was admitted to CIRP on 16 April 2021. PPFL sought to convene a meeting of the Committee of Creditors (CoC) to place its resolution plan dated 23 March 2022 for consideration, arguing that it possessed necessary technical knowledge and market exposure. The Resolution Professional (RP) rejected PPFL's intent to participate, citing the failure to submit an Expression of Interest (EOI) before 13 November 2021. PPFL contended that it was the most suitable candidate and that its
…Prince Pipes and Fittings Limited (PPFL) sought to submit a resolution plan for Prince SWR Systems Private Limited (PSSPL), the Corporate Debtor, which was undergoing CIRP. PPFL failed to submit an Expression of Interest (EOI) by the stipulated deadline of 13 November 2021. PPFL submitted its resolution plan on 23 March 2022, which was considered a belated stage. Mr. Jayant Chheda, a director of PPFL, and Mr. Piyush Chheda, a suspended director of PSSPL, are relatives and partners in Ellora Chemical Works (ECW). The RP rejected PPFL's plan due to the late submission of the EOI and ineligibility under Section 29A of the IBC. The CoC approved a resolution plan from Chemtrade Overseas Private Limited with 97.29% voting share. Canara Bank, holding 36.366% voting share, did
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CIRP was initiated against the Corporate…
Mr. Amit Chandrashekhar…
Prince Pipes and Fittings Limited (PPFL) filed an Interlocutory Application (I.A. 894/2022) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions for its resolution plan to be considered for Prince SWR Systems Private Limited (‘PSSPL'), the Corporate Debtor, which was admitted to CIRP on 16 April 2021. PPFL sought to convene a meeting of the Committee of Creditors (CoC) to place its resolution plan dated 23 March 2022 for consideration, arguing that it possessed necessary technical knowledge and market exposure. The Resolution Professional (RP) rejected PPFL's intent to participate, citing the failure to submit an Expression of Interest (EOI) before 13 November 2021. PPFL contended that it was the most suitable candidate and that its
…Prince Pipes and Fittings Limited (PPFL) sought to submit a resolution plan for Prince SWR Systems Private Limited (PSSPL), the Corporate Debtor, which was undergoing CIRP. PPFL failed to submit an Expression of Interest (EOI) by the stipulated deadline of 13 November 2021. PPFL submitted its resolution plan on 23 March 2022, which was considered a belated stage. Mr. Jayant Chheda, a director of PPFL, and Mr. Piyush Chheda, a suspended director of PSSPL, are relatives and partners in Ellora Chemical Works (ECW). The RP rejected PPFL's plan due to the late submission of the EOI and ineligibility under Section 29A of the IBC. The CoC approved a resolution plan from Chemtrade Overseas Private Limited with 97.29% voting share. Canara Bank, holding 36.366% voting share, did
…CIRP was initiated against the Corporate…
Mr. Amit Chandrashekhar…