An Interlocutory Application (IA(PLAN)/16/2025) was filed by Mr. Nilesh Rajendra Kothari, the Resolution Professional (RP) of Magicstone Traders Private Limited (Corporate Debtor), seeking approval of a Resolution Plan submitted by M/s Subhlaxmi Investment Advisory Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Magicstone Traders Pvt. Ltd. based on a petition by M/s Shirpur Gold Refinery Limited (Operational Creditor). The Committee of Creditors (CoC), consisting solely of Operational Creditors, approved a revised Resolution Plan with a 71.08% voting share.
IA(PLAN)/16/2025 was filed by Mr. Nilesh Rajendra Kothari, RP of Magicstone Traders Private Limited, seeking approval of a Resolution Plan.
The Resolution Plan was submitted by M/s Subhlaxmi Investment Advisory Private Limited.
The petition against M/s Magicstone Traders Private Limited (Corporate Debtor) was admitted on 02.11.2023, initiating CIRP.
Mr. Sandeep Jawaharlal Singhal was initially appointed as the Interim Resolution Professional (IRP).
The IRP published a public announcement on 04.11.2023 inviting claims.
The CoC was constituted and consisted only of Operational Creditors, with total admitted claims of Rs. 2,36,45,58,253/-.
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Magicstone Traders Pvt.…
The petition against M/s Magicstone Traders…
An Interlocutory Application (IA(PLAN)/16/2025) was filed by Mr. Nilesh Rajendra Kothari, the Resolution Professional (RP) of Magicstone Traders Private Limited (Corporate Debtor), seeking approval of a Resolution Plan submitted by M/s Subhlaxmi Investment Advisory Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Magicstone Traders Pvt. Ltd. based on a petition by M/s Shirpur Gold Refinery Limited (Operational Creditor). The Committee of Creditors (CoC), consisting solely of Operational Creditors, approved a revised Resolution Plan with a 71.08% voting share.
IA(PLAN)/16/2025 was filed by Mr. Nilesh Rajendra Kothari, RP of Magicstone Traders Private Limited, seeking approval of a Resolution Plan.
The Resolution Plan was submitted by M/s Subhlaxmi Investment Advisory Private Limited.
The petition against M/s Magicstone Traders Private Limited (Corporate Debtor) was admitted on 02.11.2023, initiating CIRP.
Mr. Sandeep Jawaharlal Singhal was initially appointed as the Interim Resolution Professional (IRP).
The IRP published a public announcement on 04.11.2023 inviting claims.
The CoC was constituted and consisted only of Operational Creditors, with total admitted claims of Rs. 2,36,45,58,253/-.
…Magicstone Traders Pvt.…
The petition against M/s Magicstone Traders…