The case involves an application for approval of a resolution plan for KGS Sugar & Infra Corporation Private Limited, a corporate debtor, submitted by Grainotch Industries Limited, the successful resolution applicant (SRA). An unsuccessful resolution applicant (URA), Consortium of Govindrao Sable, Shobha G. Sable & Pravin G. Sable, filed objections to the approval of the resolution plan, alleging irregularities in the evaluation process.
KGS Sugar & Infra Corporation Private Limited was incorporated on 15.10.1998 and is engaged in the manufacturing and trading of sugar and its allied products.
The CIRP was initiated on 10.10.2019.
Mr. Balady Shetty was initially appointed as the Interim Resolution Professional (IRP).
Pankaj Sham Joshi was appointed as the Resolution Professional (RP) on 27.05.2020, replacing Mr. Balady Shetty.
Gangamai Industries and Construction Ltd.'s resolution plan was previously approved but failed to be implemented, leading to a re-run of the CIRP.
Grainotch Industries Limited (GIL) was declared the Successful Resolution Applicant (SRA) after approval by the Committee of Creditors (CoC) with 99.86% votes.
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KGS Sugar & Infra…
The Corporate…
The case involves an application for approval of a resolution plan for KGS Sugar & Infra Corporation Private Limited, a corporate debtor, submitted by Grainotch Industries Limited, the successful resolution applicant (SRA). An unsuccessful resolution applicant (URA), Consortium of Govindrao Sable, Shobha G. Sable & Pravin G. Sable, filed objections to the approval of the resolution plan, alleging irregularities in the evaluation process.
KGS Sugar & Infra Corporation Private Limited was incorporated on 15.10.1998 and is engaged in the manufacturing and trading of sugar and its allied products.
The CIRP was initiated on 10.10.2019.
Mr. Balady Shetty was initially appointed as the Interim Resolution Professional (IRP).
Pankaj Sham Joshi was appointed as the Resolution Professional (RP) on 27.05.2020, replacing Mr. Balady Shetty.
Gangamai Industries and Construction Ltd.'s resolution plan was previously approved but failed to be implemented, leading to a re-run of the CIRP.
Grainotch Industries Limited (GIL) was declared the Successful Resolution Applicant (SRA) after approval by the Committee of Creditors (CoC) with 99.86% votes.
…KGS Sugar & Infra…
The Corporate…