Case Law Details
Saraswat Co-op Bank Ltd. Vs Orange Medicare and Research Centre Private Limited (NCLT Mumbai)
1. This is an Application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the ‘the Code’) filed on 23.01.2023 by the Resolution Professional (RP) on behalf of the Committee of Creditors seeking approval of the Resolution Plan submitted by the Resolution Applicant, which is approved by 100% of the voting share of the members of the Committee of Creditors (hereinafter referred to as ‘CoC’) of the Debtor Company viz. Orange Medicare and Research Centre Private Limited (hereinafter referred to as ‘Corporate Debtor’).
2. The facts leading to the Application are as under:
i. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated vide an admission order dated 17.02.2022 of this Court in C.P.(IB)-76(MB)/2021 under Section 7 of the Insolvency and Bankruptcy Code 2016 filed by Saraswat Co-op Bank Ltd. (Financial Creditor) and Mr. Udayraj Patwardhan (Reg. No.: IBBI/IPA-001/IP-P-00024/2016-17/10057) was appointed as Interim Resolution Professional (IRP) and later on was confirmed as RP by CoC in its first meeting held on 06.04.2022.
ii. The IRP published a public announcement in Form-A on 10.03.2022 in newspapers viz. (i) ‘Sakal’ (Marathi) and (ii) ‘Times of India’ (English) inviting claims from the creditors, workers/employees of the Corporate Debtor and from government bodies. IRP constituted the Committee of Creditors (CoC) on 31.03.20122 based on the claims received by him.
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