The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Steelera Engineers Private Limited, initiated based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by an operational creditor, Rebartech Solutions Private Limited. The CIRP commenced on November 16, 2022. Neha Chhawchharia was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by Midpoint Commodeal Private Limited, which is also a financial creditor with a significant voting share (99.87%). The resolution plan underwent several revisions and addenda. The RP filed an application (IA/844/AHM/2023) seeking approval of the resolution plan.
Steelera Engineers Private Limited underwent CIRP initiated by Rebartech Solutions Private Limited under Section 9 of IBC. Neha Chhawchharia was appointed as the RP. Midpoint Commodeal Private Limited, a financial creditor with 99.87% voting share in the CoC, submitted a resolution plan. The plan proposed a settlement amount of Rs. 6,25,00,000 against admitted claims of Rs. 6,28,89,923, with the settled amount being shown as a secured loan at 7.5% interest. The plan's validity was limited to October 19, 2023, without a clear extension mechanism. The tribunal noted discrepancies in valuation reports and the absence of financial projections demonstrating the debtor's ability to service its debt. The CoC meetings were primarily attended by Midpoint Commodeal. The RP filed
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Rebartech Solutions Private Limited filed an…
The CIRP of Steelera…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Steelera Engineers Private Limited, initiated based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by an operational creditor, Rebartech Solutions Private Limited. The CIRP commenced on November 16, 2022. Neha Chhawchharia was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by Midpoint Commodeal Private Limited, which is also a financial creditor with a significant voting share (99.87%). The resolution plan underwent several revisions and addenda. The RP filed an application (IA/844/AHM/2023) seeking approval of the resolution plan.
Steelera Engineers Private Limited underwent CIRP initiated by Rebartech Solutions Private Limited under Section 9 of IBC. Neha Chhawchharia was appointed as the RP. Midpoint Commodeal Private Limited, a financial creditor with 99.87% voting share in the CoC, submitted a resolution plan. The plan proposed a settlement amount of Rs. 6,25,00,000 against admitted claims of Rs. 6,28,89,923, with the settled amount being shown as a secured loan at 7.5% interest. The plan's validity was limited to October 19, 2023, without a clear extension mechanism. The tribunal noted discrepancies in valuation reports and the absence of financial projections demonstrating the debtor's ability to service its debt. The CoC meetings were primarily attended by Midpoint Commodeal. The RP filed
…Rebartech Solutions Private Limited filed an…
The CIRP of Steelera…