The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP) of Swastik Ceracon Limited, seeking approval of the resolution plan submitted by Ajita Sil-Chem Pvt. Ltd. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 15.01.2019. An Interim Resolution Professional (IRP) was appointed, who made a public announcement and formed a Committee of Creditors (COC). The COC initially approved a resolution plan submitted by Gabon Seramik Pvt. Ltd., but it was later withdrawn due to objections regarding related party issues. The COC then considered other resolution plans and ultimately approved the plan submitted by Ajita Sil-Chem Pvt. Ltd.
On 15.01.2019, Swastik Ceracon Limited was admitted into CIRP. Ravi Kapoor was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 30.01.2019, inviting creditors to submit claims. On 20.02.2019, the IRP formed the Committee of Creditors (COC). The COC comprised Bank of Baroda (erstwhile Dena Bank) with 16.05% voting share, State Bank of India with 21.65% voting share, Indian Overseas Bank with 21.13% voting share, Pegasus Assets Reconstruction Pvt. Ltd. with 27.72% voting share, The Mehsana Urban Cooperative Bank Ltd. with 9.90% voting share, Edelweiss Asset Reconstruction Company Ltd. with 2.49% voting share, and Reliance Commercial Finance Limited with 1.06% voting share. The first COC meeting was held on 02.03.2019,
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The Corporate Debtor, Swastik Ceracon Limited,…
The Interim Resolution Professional (IRP)…
The application was filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP) of Swastik Ceracon Limited, seeking approval of the resolution plan submitted by Ajita Sil-Chem Pvt. Ltd. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 15.01.2019. An Interim Resolution Professional (IRP) was appointed, who made a public announcement and formed a Committee of Creditors (COC). The COC initially approved a resolution plan submitted by Gabon Seramik Pvt. Ltd., but it was later withdrawn due to objections regarding related party issues. The COC then considered other resolution plans and ultimately approved the plan submitted by Ajita Sil-Chem Pvt. Ltd.
On 15.01.2019, Swastik Ceracon Limited was admitted into CIRP. Ravi Kapoor was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 30.01.2019, inviting creditors to submit claims. On 20.02.2019, the IRP formed the Committee of Creditors (COC). The COC comprised Bank of Baroda (erstwhile Dena Bank) with 16.05% voting share, State Bank of India with 21.65% voting share, Indian Overseas Bank with 21.13% voting share, Pegasus Assets Reconstruction Pvt. Ltd. with 27.72% voting share, The Mehsana Urban Cooperative Bank Ltd. with 9.90% voting share, Edelweiss Asset Reconstruction Company Ltd. with 2.49% voting share, and Reliance Commercial Finance Limited with 1.06% voting share. The first COC meeting was held on 02.03.2019,
…The Corporate Debtor, Swastik Ceracon Limited,…
The Interim Resolution Professional (IRP)…