The case involves multiple Interim Applications (IAs) filed under the Insolvency and Bankruptcy Code (IBC) related to the Corporate Insolvency Resolution Process (CIRP) of three sister companies: Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. The CIRP was initiated following orders from the Tribunal, which were later appealed before the NCLAT and the Supreme Court. The Supreme Court remanded the matters back to NCLAT for fresh adjudication. The Tribunal admitted the company petitions and initiated CIRP. The Resolution Professional (RP), Mr. Amit Pareek, was appointed, and a Committee of Creditors (CoC) was constituted. The RP invited expressions of interest (EOI) for resolution plans, but no EOIs
…The Corporate Insolvency Resolution Process (CIRP) was initiated for Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement, and the last date for submission of claims was fixed. The RP appointed valuers to determine the fair market and liquidation value of the Corporate Debtors. The RP invited expressions of interest (EOI) for resolution plans, but no EOIs were received despite multiple extensions. A resolution plan was submitted by a Prospective Resolution Applicant (PRA) on 22.05.2023. The CoC rejected the resolution plan in its 12th
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Tribunal initiated…
NCLAT allowed…
The case involves multiple Interim Applications (IAs) filed under the Insolvency and Bankruptcy Code (IBC) related to the Corporate Insolvency Resolution Process (CIRP) of three sister companies: Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. The CIRP was initiated following orders from the Tribunal, which were later appealed before the NCLAT and the Supreme Court. The Supreme Court remanded the matters back to NCLAT for fresh adjudication. The Tribunal admitted the company petitions and initiated CIRP. The Resolution Professional (RP), Mr. Amit Pareek, was appointed, and a Committee of Creditors (CoC) was constituted. The RP invited expressions of interest (EOI) for resolution plans, but no EOIs
…The Corporate Insolvency Resolution Process (CIRP) was initiated for Shree Sai Rolling Mills India Limited, Shree Sai Smelters India Limited, and Shree Sai Prakash Alloys Private Limited. Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made a public announcement, and the last date for submission of claims was fixed. The RP appointed valuers to determine the fair market and liquidation value of the Corporate Debtors. The RP invited expressions of interest (EOI) for resolution plans, but no EOIs were received despite multiple extensions. A resolution plan was submitted by a Prospective Resolution Applicant (PRA) on 22.05.2023. The CoC rejected the resolution plan in its 12th
…Tribunal initiated…
NCLAT allowed…