The case involves appeals against a common judgment and order by the National Company Law Appellate Tribunal (NCLAT) concerning insolvency resolution processes for Kamineni Steel & Power India Pvt. Ltd. (KS&PIPL) and Innoventive Industries Ltd. (IIL). The NCLAT affirmed the rejection of IIL's resolution plan and directed its liquidation, while reversing the approval of KS&PIPL's resolution plan and remanding it for liquidation. The core issue is whether a resolution plan requires approval by at least 75% of the financial creditors' voting share, as mandated by Section 30(4) of the Insolvency and Bankruptcy Code (I&B Code).
Kamineni Steel & Power India Pvt. Ltd. (KS&PIPL) was incorporated in 2008 and faced financial difficulties, leading to a BIFR application in 2016, which abated. A CIRP petition was admitted in 2017. The CoC meetings followed, with various resolution plans proposed and considered. Ultimately, the resolution plan received only 55.73% approval from the CoC. Indian Overseas Bank, holding 15.15% voting share, rejected the plan. NCLT Hyderabad approved the resolution plan, but NCLAT reversed this decision. Innoventive Industries Ltd. (IIL) faced losses and proposed a Corporate Debt Restructuring (CDR) in 2013. ICICI Bank filed an I&B Code application in December 2016, admitted by NCLT Mumbai in January 2017. A resolution plan received 66.57% approval, falling
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Kamineni Steel & Power India Pvt. Ltd.…
The steel divi…
The case involves appeals against a common judgment and order by the National Company Law Appellate Tribunal (NCLAT) concerning insolvency resolution processes for Kamineni Steel & Power India Pvt. Ltd. (KS&PIPL) and Innoventive Industries Ltd. (IIL). The NCLAT affirmed the rejection of IIL's resolution plan and directed its liquidation, while reversing the approval of KS&PIPL's resolution plan and remanding it for liquidation. The core issue is whether a resolution plan requires approval by at least 75% of the financial creditors' voting share, as mandated by Section 30(4) of the Insolvency and Bankruptcy Code (I&B Code).
Kamineni Steel & Power India Pvt. Ltd. (KS&PIPL) was incorporated in 2008 and faced financial difficulties, leading to a BIFR application in 2016, which abated. A CIRP petition was admitted in 2017. The CoC meetings followed, with various resolution plans proposed and considered. Ultimately, the resolution plan received only 55.73% approval from the CoC. Indian Overseas Bank, holding 15.15% voting share, rejected the plan. NCLT Hyderabad approved the resolution plan, but NCLAT reversed this decision. Innoventive Industries Ltd. (IIL) faced losses and proposed a Corporate Debt Restructuring (CDR) in 2013. ICICI Bank filed an I&B Code application in December 2016, admitted by NCLT Mumbai in January 2017. A resolution plan received 66.57% approval, falling
…Kamineni Steel & Power India Pvt. Ltd.…
The steel divi…