The case involves an application (I.A. (I.B.C)/1459(KB)2023) filed by the Committee of Creditors (COC) of the corporate debtor, Tamra Dhatu Udyog Private Limited, seeking clarification of an order dated 03/08/2023. The COC requested that all resolution applicants be given a final opportunity to revise their resolution plans to ensure equal and fair opportunity. They also sought direction to the Resolution Professional (RP) to cancel ongoing voting on resolution plans and conduct fresh voting after the revised plans were submitted. This application is related to Company Petition (IB)/128(KB)2020.
The Committee of Creditors (COC) of Tamra Dhatu Udyog Private Limited filed an application (I.A. (I.B.C)/1459(KB)2023) seeking clarification of an earlier order dated 03/08/2023. The COC wanted all resolution applicants to have a final chance to revise their plans to ensure fairness and maximize asset value. The prayer was opposed by the PRA H1 bidder and Mr. Tarun Singh, who argued that they had already been given opportunities to enhance their plans. The Lead Bank (Union Bank of India), initially hesitant, later supported the proposal. The Resolution Professional (RP) had previously allowed PRAs to enhance their plans financially, leading to questions about compliance with Regulation 39(1A)(a) of the IBBI (CIRP) Regulation, 2016. The COC kept the voting lines open
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Date of the order that…
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The case involves an application (I.A. (I.B.C)/1459(KB)2023) filed by the Committee of Creditors (COC) of the corporate debtor, Tamra Dhatu Udyog Private Limited, seeking clarification of an order dated 03/08/2023. The COC requested that all resolution applicants be given a final opportunity to revise their resolution plans to ensure equal and fair opportunity. They also sought direction to the Resolution Professional (RP) to cancel ongoing voting on resolution plans and conduct fresh voting after the revised plans were submitted. This application is related to Company Petition (IB)/128(KB)2020.
The Committee of Creditors (COC) of Tamra Dhatu Udyog Private Limited filed an application (I.A. (I.B.C)/1459(KB)2023) seeking clarification of an earlier order dated 03/08/2023. The COC wanted all resolution applicants to have a final chance to revise their plans to ensure fairness and maximize asset value. The prayer was opposed by the PRA H1 bidder and Mr. Tarun Singh, who argued that they had already been given opportunities to enhance their plans. The Lead Bank (Union Bank of India), initially hesitant, later supported the proposal. The Resolution Professional (RP) had previously allowed PRAs to enhance their plans financially, leading to questions about compliance with Regulation 39(1A)(a) of the IBBI (CIRP) Regulation, 2016. The COC kept the voting lines open
…Date of the order that…
Date of the RP's email…