The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Suzuki Textiles Limited. The CIRP was initiated based on an application filed by Sangam (India) Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP), Mr. Prashant Agrawal, was appointed to manage the CIRP. The Committee of Creditors (CoC) was formed, and various steps were taken, including public announcements, verification of claims, and appointment of registered valuers. Several Interim Applications (IAs) were filed during the CIRP, addressing issues such as control of assets, avoidance transactions, and claims adjudication. The CoC approved a resolution plan submitted by M/s Sai Leela Synthetics Private Limited with a 99.99% voting share.
Suzuki Textiles Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by Sangam (India) Limited. Mr. Prashant Agrawal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and a resolution plan was sought. M/s Sai Leela Synthetics Private Limited submitted a resolution plan that was approved by the CoC with 99.99% voting share. The resolution plan proposed a total value of Rs. 31.70 crores, including upfront payments and balance payments over a specified period. The plan also addressed the treatment of various creditor classes, including secured financial creditors, unsecured financial creditors, employees, and workmen. The RP filed an application with the NCLT for approval of the resolution
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Initiation of Corporate Insolvency…
Hon'ble Tribunal admitted Suzuki Textiles…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Suzuki Textiles Limited. The CIRP was initiated based on an application filed by Sangam (India) Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional (RP), Mr. Prashant Agrawal, was appointed to manage the CIRP. The Committee of Creditors (CoC) was formed, and various steps were taken, including public announcements, verification of claims, and appointment of registered valuers. Several Interim Applications (IAs) were filed during the CIRP, addressing issues such as control of assets, avoidance transactions, and claims adjudication. The CoC approved a resolution plan submitted by M/s Sai Leela Synthetics Private Limited with a 99.99% voting share.
Suzuki Textiles Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application by Sangam (India) Limited. Mr. Prashant Agrawal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and a resolution plan was sought. M/s Sai Leela Synthetics Private Limited submitted a resolution plan that was approved by the CoC with 99.99% voting share. The resolution plan proposed a total value of Rs. 31.70 crores, including upfront payments and balance payments over a specified period. The plan also addressed the treatment of various creditor classes, including secured financial creditors, unsecured financial creditors, employees, and workmen. The RP filed an application with the NCLT for approval of the resolution
…Initiation of Corporate Insolvency…
Hon'ble Tribunal admitted Suzuki Textiles…