Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Outcome of meeting of Committee of Creditors – The Hindu BusinessLine

The Twenty-Fifth meeting of the Committee of Creditors of the Corporate Debtor was held on 22 May 2019 at 1:00 P.M. at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India.

The outcome of the meeting is summarised as herein below:

1. The RP informed the CoC that the Resolution Plan as approved by the CoC on 16 March 2019 was
filed with the Honble NCLT Kolkata on 22 March 2019. The RP also apprised the members of the
other applications filed before courts in the CIRP of the Corporate Debtor.
2. The RP apprised the CoC regarding the paucity of funds for meeting the CIRP expenses and further
emphasised to the CoC about the urgency of payments against …

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The outcome of the 24th COC meeting is summarized as herein below:

1.The COC agreed on a Monitoring Committee constituting three representatives as per the highest voting share of the COC members and an additional member of COC in the absence of any of the above three members. The same members were also identified as the ones who would represent the COC in legal matters, if any.

2.Discussions were held between the RP and the members of the COC with respect to distribution of proceeds, received under the approved resolution plan, to the financial creditors. Pursuant to this, it was decided that the two distribution methodologies under consideration, will be separately put to vote along with the resolution plan of the H1 bidder.

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The outcome of the 21st meeting is:
1. The RP said that V.6 of the list of Creditors had been submitted to NCLT,uploaded on the website of the Co.&shared with CoC; 2.The CoC said about the exclu. appl. for 24 days filed by the RP with NCLT, on 08.02.19 due to time taken to re-conduct the Outbid Process & discussion &voting over the Distribution Methodology; 3.The RP & CoC discussed about the revised bids received from a Resolution Applicant other than the III subsequent to the Outbidding Process conducted on 22.01.19. Pursuant to the appeal filed by the RA before the NCLAT against the NCLTs order directing the outbidding process to be re-conducted, the CoC was informed that the hearing has concluded during the course of the meeting & the…

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The twentieth meeting of the Committee of Creditors of the Corporate Debtor was held on 02 February 2019 at 11:00 AM at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India.

The outcome of the meeting is summarized as herein below:

1. Discussions were held between the RP and the members of the CoC with respect to distribution of proceeds, received under the approved resolution plan, to the members of the CoC. Pursuant to this, it was decided that the two methodologies under consideration, will be put to vote with respect to distribution of resolution proceeds.

Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)…

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Tthe Nineteenth meeting of the Committee of Creditors of the Corporate Debtor was held on 22 January 2019 at 02:00 PM at Ambition Room, Grant Thornton India LLP, 16th Floor, Tower II, India bulls Finance Centre, Senapati Bapat Marg, Elphinstone (W), Mumbai 400013, India.

The outcome of the meeting is summarised as herein below:

1. Pursuant to the discussions between the RP and the members of the CoC with respect to the Honble NCLTs order asking the RP to conduct a fresh Outbid Process, the scheduled Outbid Process was carried out amongst the present Resolution Applicants and after the requisite rounds were conducted, the RP declared the H1 bidder.

Pdf Link:
Ramsarup Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Outc…

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The outcome of the 17th CoC meeting is summarized as herein below:

1. An updated list of creditors- version 5 as on 19th November 2018 was prepared and submitted to NCLT and uploaded on the website of the Company on 28 November 2018. The same was also circulated to the CoC members via email dated 11 December 2018.

2. The RP apprised the CoC about the Core Committee meetings that were held with the Resolution Applicants and the outcomes of the same wherein the Resolution Applicants were informed about various issues and were asked for clarifications in their Resolutions Applicants were informed about various issues and were asked for clarifications in their Resolution Plans submitted earlier. A deadline of 10 December 2018 was given to the…

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