The case involves an application (IA(IBC)/1274(KB)2024) filed by the Resolution Professional (RP) of Reform Ferro Cast Limited, the Corporate Debtor, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The RP sought permission to withdraw a liquidation application (IA 1803/KB/2023) and exclude time from the CIRP timeline to allow for the consideration of a new resolution plan. The Corporate Insolvency Resolution Process (CIRP) had commenced on 2022-11-21. The initial CIRP period was extended, and a resolution plan was initially rejected by the Committee of Creditors (CoC), leading to the filing of a liquidation application. Subsequently, a new prospective resolution applicant (SSM Ispat Ltd.) expressed interest,
…The Corporate Insolvency Resolution Process (CIRP) of Reform Ferro Cast Limited commenced on 2022-11-21. The RP published Form G on 2023-01-16, inviting Expressions of Interest (EOI). Twenty parties submitted EOI documents by 2023-02-05. The RP issued the RFRP on 2023-02-15. The CoC agreed to conduct a land survey of the factory land on 2023-03-13 and extended the deadline for submitting resolution plans by four weeks. The land survey report was submitted to the RP on 2023-04-04. The revised deadline for submitting resolution plans was 2023-04-14, and four plans were received. The H1 bidder was declared on 2023-05-15. The initial 180-day CIRP period was extended by 90 days via an order dated 2023-05-17. The updated resolution plan of the H1 bidder was received by the
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The Corporate…
Form G was published,…
The case involves an application (IA(IBC)/1274(KB)2024) filed by the Resolution Professional (RP) of Reform Ferro Cast Limited, the Corporate Debtor, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016. The RP sought permission to withdraw a liquidation application (IA 1803/KB/2023) and exclude time from the CIRP timeline to allow for the consideration of a new resolution plan. The Corporate Insolvency Resolution Process (CIRP) had commenced on 2022-11-21. The initial CIRP period was extended, and a resolution plan was initially rejected by the Committee of Creditors (CoC), leading to the filing of a liquidation application. Subsequently, a new prospective resolution applicant (SSM Ispat Ltd.) expressed interest,
…The Corporate Insolvency Resolution Process (CIRP) of Reform Ferro Cast Limited commenced on 2022-11-21. The RP published Form G on 2023-01-16, inviting Expressions of Interest (EOI). Twenty parties submitted EOI documents by 2023-02-05. The RP issued the RFRP on 2023-02-15. The CoC agreed to conduct a land survey of the factory land on 2023-03-13 and extended the deadline for submitting resolution plans by four weeks. The land survey report was submitted to the RP on 2023-04-04. The revised deadline for submitting resolution plans was 2023-04-14, and four plans were received. The H1 bidder was declared on 2023-05-15. The initial 180-day CIRP period was extended by 90 days via an order dated 2023-05-17. The updated resolution plan of the H1 bidder was received by the
…The Corporate…
Form G was published,…