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 IBC. The resolution plan was submitted by RARE Asset Reconstruction Ltd.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Veekay Polycoats Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered due to the corporate debtor's inability to service its liabilities, attributed to a shortfall in cash flows from reduced margins and declining operations. Vivek Raheja was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 07.03.2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 28.03.2019, comprising six financial creditors, with State Bank of India holding the majority voting share (78.33%). RARE Asset Reconstruction Ltd. submitted a resolution
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Underlying Company Petition CP (IB)…
The Corporate Debtor…
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 IBC. The resolution plan was submitted by RARE Asset Reconstruction Ltd.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Veekay Polycoats Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered due to the corporate debtor's inability to service its liabilities, attributed to a shortfall in cash flows from reduced margins and declining operations. Vivek Raheja was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 07.03.2019, inviting claims from creditors. The Committee of Creditors (CoC) was constituted on 28.03.2019, comprising six financial creditors, with State Bank of India holding the majority voting share (78.33%). RARE Asset Reconstruction Ltd. submitted a resolution
…Underlying Company Petition CP (IB)…
The Corporate Debtor…