Dr Rajendra Ganatra Sirs comments 💐 (see in comments section) " SIIL was insolvent and defaulting to banks at least since FY-2016. Yet there is no evidence that the banks ever tried dragged SIIL under IBC for insolvency resolution. Instead the company was dragged by hapless operational creditor (OC) Vikas Shuttering Store Private Limited u/s 9 for insolvency resolution for a accumulated defaults of Rs. 14.26 crore, way back around November 2018. The CIRP order was passed on September 30, 2019. Thereafter it there was a mutual settlement for Rs.9.50 crore which also came into dispute later. It is unclear whether the OC received the settlement amount. With such precarious operating and financial condition, it was logical to expect CIRP of SIIL with the promoters being ineligible u/s 29A. It seems that the promoters reached settlement with the lenders u/s 12A. Such settlement can encompass asset and financial restructuring in which the banks can convert a part of the debt into equity. Even in such case, the equity is supposed to have value. But subscription to SIIL’s fresh equity at premium by SBI is shocking simply because one would expect lenders to leave a minimum value for the equity for the promoters after recovery of debt and leave them to create value afresh. SBI’s investment in equity at a premium indicates that the SBI sacrificed too much by writing off large debt, and as a result, left too much value for the errant promoters and is now seeking to garner return on equity invested at premium. This reflects an undesirable financial Stockholm syndrome and creates a bad precedence. It is time the RBI stepped in and disciplined SBI."
The Insolvency Professionals
Legal Services
Vashi, Maharashtra 5,971 followers
#Excited to Litigate for Operational Creditors before Hon'ble NCLT / NCLAT
About us
We are know for NCLT / NCLAT Litigations particularly on behalf of the Operational Creditors and / or Corporate Debtors, Forensic Auditors, As per the press release dated 7th November 2017, IRP has to report on following transactions to committee of creditors with the resolution plan, · Preferential transactions as defined under section 43; · Undervalued transactions as defined under section 45; · Extortionate credit transactions as defined under section 50; and · Transactions with the objective of defrauding creditors as defined under section 49 & 66 Values that steer us ahead: Passion | Devotion | Innovation | Ambition | Diligence | Teamwork | Dedication | Determination |
- Industry
- Legal Services
- Company size
- 11-50 employees
- Headquarters
- Vashi, Maharashtra
- Type
- Self-Employed
- Founded
- 2016
- Specialties
- Insolvency Professional, Interim Resolution Professional, Resolution Professionals, Liquidators, IP's for Banks to represent in CoC, Litigation before NCLT / NCLAT, Demand Notice u/s. 8, Company Petition u/s. 9 for OC, Petition u/s. 7 for Financial Creditors, Petition u/s. 10 for CD, Forensic Auditors, Chartered Accountants, Represent Corporate Debtor against acts of IRP / RP, Represent Corporate Debtor against Secured Creditors, Fact Findings, Complaince Filing, Income Tax Matters and Scrutinies, CIT (Appeals) and ITAT Hearings, GST Compliance, Training & Seminars on IBC, Insolvency Petitions, Legal Representation before NCLT, NCLT - Chartered Accountants, and Lawyers for NCLT
Locations
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Primary
MAFCO Road
314-315, Punit Chambers Premises
Vashi, Maharashtra 400703, IN
Employees at The Insolvency Professionals
Updates
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*IBBI LATEST Updates* Public Announcements *CIRP* : R.P INFO SYSTEMS LTD. Vivaan Multistructures Limited *Invitation of Resolution Plans* Shivpriya Cables Private Limited Precision Realty Developers Pltd Rancom Healthcare P Ltd VARUTHA DEVELOPERS P Ltd RAMBO ENTERPRISES P Ltd PURULIA METAL CASTING Pltd VARUTHA DEVELOPERS Pltd Pink City Expressway Pvt. Ltd.
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*IBBI LATEST UPDATES* *Public Announcement* Liquidation √ Parte Casters Private Limited √ AKSHATA MERCANTILE Pltd √ FDS MANAGEMENT SERVICES Pltd √ Siddharth Natural Food Resources Private Limited √ ACCENT PACKAGING P Ltd √ Transparent Energy Systems Pltd √ Elexir Distributors P Limited √ DIVYA AGRO CHEM P LIMITED √ I-DZIRE HOSPITALITY P Ltd √ MIR REALTORS P LIMITED √ R.S.H. AGRO PRODUCTS Ltd √ Periwinkle Herbals P Ltd
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*IBBI LATEST UPDATES* Public Announcements CIRP = Spasht Marketing Private Limited = M/s SAR ISPAT PRIVATE LIMITED = Chadha Super Cars Private Limited Invitation of Resolution Plans = cygnus splendid limited = Avarsekar Realty Private Limited = Dharma Extrusions Private Limited = Manglam Fiscal Services Private Limited