Kotak Mahindra Bank Limited filed I.A. (IB) No. 664/KB/2021 in CP (IB) No. 349/KB/2017 under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to rework the distribution pattern, pay Rs.1.44Crore, and stay all disbursals under the Resolution Plan.
Kotak Mahindra Bank Limited extended a Working Capital Facility to Ramsarup Industries Limited in 2004, which was later enhanced in 2009.
The account of Ramsarup Industries Limited was declared as NPA in March 2011.
Ramsarup Industries Limited was admitted into CIRP on 08 January 2018, and an Interim Resolution Professional was appointed.
Kotak Mahindra Bank Limited filed a claim of Rs.66,08,00,000/-, which was admitted by the Interim Resolution Professional.
Kotak Mahindra Bank Limited had a 1.13% voting share in the Committee of Creditors.
The Liquidation value of the Corporate Applicant was determined as Rs.615,00,00,000/-, entitling Kotak Mahindra Bank Limited to Rs.1,44,00,000/-.
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The account of the Corporate Applicant was…
This Adjudicating Authority admitted the…
Kotak Mahindra Bank Limited filed I.A. (IB) No. 664/KB/2021 in CP (IB) No. 349/KB/2017 under section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional to rework the distribution pattern, pay Rs.1.44Crore, and stay all disbursals under the Resolution Plan.
Kotak Mahindra Bank Limited extended a Working Capital Facility to Ramsarup Industries Limited in 2004, which was later enhanced in 2009.
The account of Ramsarup Industries Limited was declared as NPA in March 2011.
Ramsarup Industries Limited was admitted into CIRP on 08 January 2018, and an Interim Resolution Professional was appointed.
Kotak Mahindra Bank Limited filed a claim of Rs.66,08,00,000/-, which was admitted by the Interim Resolution Professional.
Kotak Mahindra Bank Limited had a 1.13% voting share in the Committee of Creditors.
The Liquidation value of the Corporate Applicant was determined as Rs.615,00,00,000/-, entitling Kotak Mahindra Bank Limited to Rs.1,44,00,000/-.
…The account of the Corporate Applicant was…
This Adjudicating Authority admitted the…