The case pertains to an application filed by Mr. Vikash Jain, the Resolution Professional of Shreebhav Polyknits Pvt. Ltd., under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the IBBI Regulations, seeking approval of the Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 27.09.2021, following an application by the financial creditor, State Bank of India, under Section 7 of the Code. CA Nirav Tarkas was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Vikash Gautamchand Jain as Resolution Professional. An application for exclusion of CIRP period
…The Corporate Debtor, Shreebhav Polyknits Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by an order dated 2021-09-27. Initially, CA Nirav Tarkas was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Vikash Gautamchand Jain. The Committee of Creditors (CoC), consisting solely of State Bank of India, approved a resolution plan submitted by Novatis Fashion Pvt. Ltd. & Gargi Texofab Pvt. Ltd. (in consortium) with 100% voting share. The resolution plan offered a total amount of Rs. 13,59,88,000/-, including CIRP costs of Rs. 31,38,000/-. The average Fair Value and Liquidation Value of the
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Corporate Debtor admitted into Corporate…
Order of moratorium…
The case pertains to an application filed by Mr. Vikash Jain, the Resolution Professional of Shreebhav Polyknits Pvt. Ltd., under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the IBBI Regulations, seeking approval of the Resolution Plan approved by the Committee of Creditors (CoC). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by the Adjudicating Authority on 27.09.2021, following an application by the financial creditor, State Bank of India, under Section 7 of the Code. CA Nirav Tarkas was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Vikash Gautamchand Jain as Resolution Professional. An application for exclusion of CIRP period
…The Corporate Debtor, Shreebhav Polyknits Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by an order dated 2021-09-27. Initially, CA Nirav Tarkas was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Vikash Gautamchand Jain. The Committee of Creditors (CoC), consisting solely of State Bank of India, approved a resolution plan submitted by Novatis Fashion Pvt. Ltd. & Gargi Texofab Pvt. Ltd. (in consortium) with 100% voting share. The resolution plan offered a total amount of Rs. 13,59,88,000/-, including CIRP costs of Rs. 31,38,000/-. The average Fair Value and Liquidation Value of the
…Corporate Debtor admitted into Corporate…
Order of moratorium…