The case involves an application (IA-4704/2022) filed in Company Petition No. IB-3370(ND)/2019, concerning the Corporate Insolvency Resolution Process (CIRP) initiated against Sharda Ma Enterprises Pvt Ltd. The CIRP was initiated based on a petition filed by Norvic Shipping North America Inc under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Narender Jindal, sought a direction to HDFC Bank, a member of the Committee of Creditors (CoC), to approve Form-FA for withdrawal of the CIRP after a settlement was reached between the Operational Creditor and the Corporate Debtor. The CoC included State Bank of India, ICICI Bank, and HDFC Bank. A resolution for withdrawal of CIRP was placed before the CoC, but HDFC Bank did not participate in the
…Norvic Shipping North America Inc initiated CIRP against Sharda Ma Enterprises Pvt Ltd under Section 9 of IBC, 2016. Narender Jindal, a promoter of the Corporate Debtor, filed an application seeking direction to HDFC Bank, a CoC member, to approve Form-FA for CIRP withdrawal after a settlement. The CoC comprised State Bank of India (56.83% voting share), ICICI Bank (23.23%), and HDFC Bank (19.94%). A settlement was reached between the Operational Creditor and Corporate Debtor. The Operational Creditor submitted Form-FA for withdrawal. In a CoC meeting on 23.06.2022, SBI and ICICI Bank (80.06% voting share) voted for withdrawal, but HDFC Bank abstained, citing pending internal approval. The resolution required 90% approval for withdrawal. In a subsequent meeting on
…Sign in to view the parties.
Company Petit…
CIRP initiated against…
The case involves an application (IA-4704/2022) filed in Company Petition No. IB-3370(ND)/2019, concerning the Corporate Insolvency Resolution Process (CIRP) initiated against Sharda Ma Enterprises Pvt Ltd. The CIRP was initiated based on a petition filed by Norvic Shipping North America Inc under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Narender Jindal, sought a direction to HDFC Bank, a member of the Committee of Creditors (CoC), to approve Form-FA for withdrawal of the CIRP after a settlement was reached between the Operational Creditor and the Corporate Debtor. The CoC included State Bank of India, ICICI Bank, and HDFC Bank. A resolution for withdrawal of CIRP was placed before the CoC, but HDFC Bank did not participate in the
…Norvic Shipping North America Inc initiated CIRP against Sharda Ma Enterprises Pvt Ltd under Section 9 of IBC, 2016. Narender Jindal, a promoter of the Corporate Debtor, filed an application seeking direction to HDFC Bank, a CoC member, to approve Form-FA for CIRP withdrawal after a settlement. The CoC comprised State Bank of India (56.83% voting share), ICICI Bank (23.23%), and HDFC Bank (19.94%). A settlement was reached between the Operational Creditor and Corporate Debtor. The Operational Creditor submitted Form-FA for withdrawal. In a CoC meeting on 23.06.2022, SBI and ICICI Bank (80.06% voting share) voted for withdrawal, but HDFC Bank abstained, citing pending internal approval. The resolution required 90% approval for withdrawal. In a subsequent meeting on
…Company Petit…
CIRP initiated against…