The case involves the approval of a resolution plan for Omkar Speciality Chemicals Limited under the Insolvency and Bankruptcy Code, 2016. Axis Bank Limited and NKGSB Co-operative Bank Ltd. filed objections to the plan, primarily concerning the distribution of the resolution amount and modifications to the plan.
Omkar Speciality Chemicals Limited was admitted into CIRP following an application by M/s. Ela Enterprises.
Mr. Ajit Kumar was appointed as the Resolution Professional.
Kshitij Polyline Limited submitted a resolution plan that was approved by the CoC with 83% voting share.
Axis Bank and NKGSB Co-operative Bank Ltd., both members of the CoC, filed objections to the resolution plan.
Axis Bank claimed to be a secured financial creditor and objected to its reclassification as an unsecured creditor.
NKGSB Co-operative Bank Ltd. objected to the modifications made to the resolution plan.
Bank of Baroda held the majority voting share (82.96%) in the CoC and played a significant role in the decision-making process.
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The Corporate Debtor…
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The case involves the approval of a resolution plan for Omkar Speciality Chemicals Limited under the Insolvency and Bankruptcy Code, 2016. Axis Bank Limited and NKGSB Co-operative Bank Ltd. filed objections to the plan, primarily concerning the distribution of the resolution amount and modifications to the plan.
Omkar Speciality Chemicals Limited was admitted into CIRP following an application by M/s. Ela Enterprises.
Mr. Ajit Kumar was appointed as the Resolution Professional.
Kshitij Polyline Limited submitted a resolution plan that was approved by the CoC with 83% voting share.
Axis Bank and NKGSB Co-operative Bank Ltd., both members of the CoC, filed objections to the resolution plan.
Axis Bank claimed to be a secured financial creditor and objected to its reclassification as an unsecured creditor.
NKGSB Co-operative Bank Ltd. objected to the modifications made to the resolution plan.
Bank of Baroda held the majority voting share (82.96%) in the CoC and played a significant role in the decision-making process.
…The Corporate Debtor…
The IRP made a public…