The case involves an application under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Veekay Polycoats Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the Code. The Resolution Professional (RP) sought approval for the resolution plan submitted by RARE Asset Reconstruction Ltd.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Veekay Polycoats Limited following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Vivek Raheja was appointed as the Resolution Professional (RP). Public announcement was made on 07.03.2019. The Committee of Creditors (CoC) was constituted on 28.03.2019 with six financial creditors. RARE Asset Reconstruction Ltd. submitted a resolution plan that was approved by the CoC with a 78.33% voting share. The fair value of the corporate debtor was assessed at Rs. 118.18 Crores, and the liquidation value at Rs. 61.96 Crores. An objection was raised by Bank of Baroda, which was rejected. The Employees' Provident Fund Organization (EPFO) filed an
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Underlying Company Petition CP (IB)…
The Corporate Debtor was admitted by this…
The case involves an application under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Veekay Polycoats Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the Code. The Resolution Professional (RP) sought approval for the resolution plan submitted by RARE Asset Reconstruction Ltd.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Veekay Polycoats Limited following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. Vivek Raheja was appointed as the Resolution Professional (RP). Public announcement was made on 07.03.2019. The Committee of Creditors (CoC) was constituted on 28.03.2019 with six financial creditors. RARE Asset Reconstruction Ltd. submitted a resolution plan that was approved by the CoC with a 78.33% voting share. The fair value of the corporate debtor was assessed at Rs. 118.18 Crores, and the liquidation value at Rs. 61.96 Crores. An objection was raised by Bank of Baroda, which was rejected. The Employees' Provident Fund Organization (EPFO) filed an
…Underlying Company Petition CP (IB)…
The Corporate Debtor was admitted by this…