The case involves an application for approval of a resolution plan for Virgo Cements Limited, a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Punjab National Bank under Section 7 of the IBC. Kannan Tiruvengadam was appointed as the Resolution Professional (RP).
Punjab National Bank filed an application under Section 7 of the IBC for initiation of CIRP against Virgo Cements Limited, which was admitted on 11.12.2023.
Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 18.01.2024.
The Committee of Creditors (CoC) was constituted on 09.01.2024, with Punjab National Bank holding 78.07% and Indian Bank holding 21.93% of the voting share.
PRAG India submitted a resolution plan that was approved by the CoC with 100% voting share.
The Resolution Plan provides for payment of CIRP costs, financial creditors, operational creditors, workmen and employee dues, and shareholders.
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CIRP initiated…
Kannan Tiruvengadam…
The case involves an application for approval of a resolution plan for Virgo Cements Limited, a Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Punjab National Bank under Section 7 of the IBC. Kannan Tiruvengadam was appointed as the Resolution Professional (RP).
Punjab National Bank filed an application under Section 7 of the IBC for initiation of CIRP against Virgo Cements Limited, which was admitted on 11.12.2023.
Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) on 18.01.2024.
The Committee of Creditors (CoC) was constituted on 09.01.2024, with Punjab National Bank holding 78.07% and Indian Bank holding 21.93% of the voting share.
PRAG India submitted a resolution plan that was approved by the CoC with 100% voting share.
The Resolution Plan provides for payment of CIRP costs, financial creditors, operational creditors, workmen and employee dues, and shareholders.
…CIRP initiated…
Kannan Tiruvengadam…