The case involves an application (IA No. 1198/2022) filed by the Resolution Professional under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by M/s Jindal Saw Limited (Resolution Applicant). The Corporate Insolvency Resolution Process (CIRP) was initiated against Sathavahana Ispat Ltd based on a petition filed by the operational creditor, Thirumala Logistics, under Section 9 of the IBC. The CIRP commenced on 28.07.2021. The Committee of Creditors (CoC) comprised of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Several prospective resolution applicants (PRAs) expressed interest, and after multiple rounds of negotiations and revisions, the CoC approved the
…Thirumala Logistics Pvt Ltd, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sathavahana Ispat Ltd, the corporate debtor, under Section 9 of the IBC. The CIRP was admitted on 28.07.2021. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional. The Committee of Creditors (CoC) consisted of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Form G was published, inviting expressions of interest from prospective resolution applicants. Several entities expressed interest, including Sarda Mines Pvt Limited, Vedanta Limited, Welspun Corp Limited, Jindal Saw Limited, Khandwala Finstock Pvt Limited, Trimex Industries Pvt Limited, and Ares SSG Capital Management
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The Adjudicating Authority admitted the main…
Form-G (invitat…
The case involves an application (IA No. 1198/2022) filed by the Resolution Professional under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by M/s Jindal Saw Limited (Resolution Applicant). The Corporate Insolvency Resolution Process (CIRP) was initiated against Sathavahana Ispat Ltd based on a petition filed by the operational creditor, Thirumala Logistics, under Section 9 of the IBC. The CIRP commenced on 28.07.2021. The Committee of Creditors (CoC) comprised of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Several prospective resolution applicants (PRAs) expressed interest, and after multiple rounds of negotiations and revisions, the CoC approved the
…Thirumala Logistics Pvt Ltd, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Sathavahana Ispat Ltd, the corporate debtor, under Section 9 of the IBC. The CIRP was admitted on 28.07.2021. An Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional. The Committee of Creditors (CoC) consisted of a single financial creditor, J.C. Flowers Asset Reconstruction Private Limited. Form G was published, inviting expressions of interest from prospective resolution applicants. Several entities expressed interest, including Sarda Mines Pvt Limited, Vedanta Limited, Welspun Corp Limited, Jindal Saw Limited, Khandwala Finstock Pvt Limited, Trimex Industries Pvt Limited, and Ares SSG Capital Management
…The Adjudicating Authority admitted the main…
Form-G (invitat…