The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited. The Resolution Professional (RP) filed an application under Section 12A of the IBC, read with Regulation 30A of IBBI (CIRP) Regulations and Rule 11 of the NCLT Rules, 2016, seeking approval for a withdrawal/settlement proposal submitted by Mr. Shadab Khan, the ex-director/promoter, and termination of the CIRP. This proposal was approved by the Committee of Creditors (CoC) with an overwhelming majority. The Intervenor, Consortium of M/s. DS Infraheights Pvt. Ltd., objected to the withdrawal, citing recent amendments to Section 12A and Regulation 30A of the IBC, which came into force after the initiation of the withdrawal process but before its final approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited by an order dated 08.01.2020.
Mr. Jitender Arora was appointed as the Interim Resolution Professional (IRP), and subsequently, Mr. Gaurav Katiyar was appointed as the Resolution Professional (RP) on 15.10.2020.
The Committee of Creditors (CoC) was constituted on 24.02.2020, and Mr. Deepak Gupta was appointed as the Authorized Representative of Financial Creditors in the class of Home Buyers on 02.03.2020.
On 07.05.2021, the CoC approved a Resolution Plan submitted by Saya Homes Private Limited (in consortium) with 91.46% voting.
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Corporate Insolvency Resolution Process…
Committee of C…
The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited. The Resolution Professional (RP) filed an application under Section 12A of the IBC, read with Regulation 30A of IBBI (CIRP) Regulations and Rule 11 of the NCLT Rules, 2016, seeking approval for a withdrawal/settlement proposal submitted by Mr. Shadab Khan, the ex-director/promoter, and termination of the CIRP. This proposal was approved by the Committee of Creditors (CoC) with an overwhelming majority. The Intervenor, Consortium of M/s. DS Infraheights Pvt. Ltd., objected to the withdrawal, citing recent amendments to Section 12A and Regulation 30A of the IBC, which came into force after the initiation of the withdrawal process but before its final approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Earthcon Universal Infratech Limited by an order dated 08.01.2020.
Mr. Jitender Arora was appointed as the Interim Resolution Professional (IRP), and subsequently, Mr. Gaurav Katiyar was appointed as the Resolution Professional (RP) on 15.10.2020.
The Committee of Creditors (CoC) was constituted on 24.02.2020, and Mr. Deepak Gupta was appointed as the Authorized Representative of Financial Creditors in the class of Home Buyers on 02.03.2020.
On 07.05.2021, the CoC approved a Resolution Plan submitted by Saya Homes Private Limited (in consortium) with 91.46% voting.
…Corporate Insolvency Resolution Process…
Committee of C…