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

The 15th meeting of the CoC of the Corporate Debtor was held on 02.11.2018
The outcome of the meeting is summarized as herein below:
1.The RP presented and discussed 3 plans out of four plans, which were found to be compliant with reg and provisions of the IBC, 2016 with the members of the COC. An analysis of the plans was presented to the CoC by their Process Advisors and the way forward on carrying negotiations with Resolution Applicants(RA) was also discussed.
2.The RA were invited to present their resolution plans in front of the members of the COC. The presentations were made by two RA wherein various queries were raised by the members of the COC.
3.Valution report determining the Fair Value & Liquidation Value of the Corporate Debtor was presented by one of the two the appointed Valuers in the meeting. Various queries were raised by the members of the COC.
4.It was discussed and resolved in that interim finance of up to INR 2.5Cr shall be raised at an interest rate of up to 22%

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