The case involves an application (IA No. 2390 of 2023) filed by Shree Siddhivinayak Cotspin Private Limited in relation to CP(IB) 518 (IB)2020 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought directions to permit them to submit an Expression of Interest (EoI) for Srishti Hospitality Private Limited, the Corporate Debtor, and for the respondents to consider it, despite a delay. Saraswat Co-operative Bank Limited, Respondent no. 2, had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the IBC. The applicant claims a delay of one day in submitting the EoI, attributing it initially to a director being out of station and later alleging deficiencies in Form G published by the
…Srishti Hospitality Private Limited is the Corporate Debtor, incorporated on 08.08.2023. Saraswat Co-operative Bank Limited (Respondent no. 2) initiated CIRP against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 27.02.2023, initiating CIRP. Respondent no. 1, the Resolution Professional (RP), issued Form-G on 16.05.2023, with a deadline of 31.05.2023 for EoI submission. Shree Siddhivinayak Cotspin Private Limited (Applicant) sought to submit an EoI but missed the deadline by one day. The applicant initially attributed the delay to a director being out of station and later claimed deficiencies in Form-G. The applicant claimed to offer a higher resolution amount (Rs. 35 crores, later revised to Rs.
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Tribunal admitted the…
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The case involves an application (IA No. 2390 of 2023) filed by Shree Siddhivinayak Cotspin Private Limited in relation to CP(IB) 518 (IB)2020 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant sought directions to permit them to submit an Expression of Interest (EoI) for Srishti Hospitality Private Limited, the Corporate Debtor, and for the respondents to consider it, despite a delay. Saraswat Co-operative Bank Limited, Respondent no. 2, had initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor under Section 7 of the IBC. The applicant claims a delay of one day in submitting the EoI, attributing it initially to a director being out of station and later alleging deficiencies in Form G published by the
…Srishti Hospitality Private Limited is the Corporate Debtor, incorporated on 08.08.2023. Saraswat Co-operative Bank Limited (Respondent no. 2) initiated CIRP against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 27.02.2023, initiating CIRP. Respondent no. 1, the Resolution Professional (RP), issued Form-G on 16.05.2023, with a deadline of 31.05.2023 for EoI submission. Shree Siddhivinayak Cotspin Private Limited (Applicant) sought to submit an EoI but missed the deadline by one day. The applicant initially attributed the delay to a director being out of station and later claimed deficiencies in Form-G. The applicant claimed to offer a higher resolution amount (Rs. 35 crores, later revised to Rs.
…Tribunal admitted the…
Respondent no. 1 issued…