The Karad Urban Cooperative Bank Ltd., the financial creditor, initiated insolvency proceedings against Khandoba Prasanna Sakhar Karkhana Limited, the corporate debtor, under Section 7 of the IBC before the NCLT. The NCLT admitted the application and appointed an Interim Resolution Professional. The Committee of Creditors (CoC) approved a Resolution Plan submitted by M/s. Sai Agro (India) Chemicals. The Director/Promoter of the corporate debtor also submitted a resolution plan, which was rejected by the NCLT. The NCLAT allowed an appeal filed by the Director/Promoter, setting aside the NCLT's approval of the Resolution Plan and remanding the matter back to the NCLT for resubmission before the CoC. The financial creditor and the Resolution Professional appealed against
…The Karad Urban Cooperative Bank Ltd. initiated insolvency proceedings against Khandoba Prasanna Sakhar Karkhana Limited. The NCLT admitted the application on 01.01.2018. The CoC approved a resolution plan by M/s. Sai Agro (India) Chemicals. The Director/Promoter of the corporate debtor also submitted a plan, which was rejected by the NCLT on 01.08.2019. The Director/Promoter appealed to the NCLAT, which allowed the appeal on 02.06.2020, setting aside the NCLT's approval and remanding the matter. The NCLAT's decision was based on concerns about the plan's viability, a potential breach of confidentiality regarding liquidation value, the status of an ethanol plant, and a defective advertisement. The Resolution Plan mentioned a liquidation value of Rs. 13.53 crores, while
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The Karad Urban Cooperative Bank Ltd. filed an…
NCLT admitted the…
The Karad Urban Cooperative Bank Ltd., the financial creditor, initiated insolvency proceedings against Khandoba Prasanna Sakhar Karkhana Limited, the corporate debtor, under Section 7 of the IBC before the NCLT. The NCLT admitted the application and appointed an Interim Resolution Professional. The Committee of Creditors (CoC) approved a Resolution Plan submitted by M/s. Sai Agro (India) Chemicals. The Director/Promoter of the corporate debtor also submitted a resolution plan, which was rejected by the NCLT. The NCLAT allowed an appeal filed by the Director/Promoter, setting aside the NCLT's approval of the Resolution Plan and remanding the matter back to the NCLT for resubmission before the CoC. The financial creditor and the Resolution Professional appealed against
…The Karad Urban Cooperative Bank Ltd. initiated insolvency proceedings against Khandoba Prasanna Sakhar Karkhana Limited. The NCLT admitted the application on 01.01.2018. The CoC approved a resolution plan by M/s. Sai Agro (India) Chemicals. The Director/Promoter of the corporate debtor also submitted a plan, which was rejected by the NCLT on 01.08.2019. The Director/Promoter appealed to the NCLAT, which allowed the appeal on 02.06.2020, setting aside the NCLT's approval and remanding the matter. The NCLAT's decision was based on concerns about the plan's viability, a potential breach of confidentiality regarding liquidation value, the status of an ethanol plant, and a defective advertisement. The Resolution Plan mentioned a liquidation value of Rs. 13.53 crores, while
…The Karad Urban Cooperative Bank Ltd. filed an…
NCLT admitted the…