Please take note that Mr. Alok Kailash Saksena, (appointed as Interim Resolution Professional (IRP) by Honble Adjudicating Authority vide its order dated 30.11.2017 for conducting the CIRP in the matter of the Company) has placed Resolution Plan before Committee of Creditors (CoC) for their approval in accordance with the provisions of Insolvency and Bankruptcy Code, 2016 and the rules and regulations framed thereunder. On account of less than 66% of the votes being cast in favour, the aforementioned approval of the CoC could not be obtained.
The Extended Moratorium period of 90 days as ordered by Honble NCLT Ahmedabad Bench completed on August 27, 2018 and the same was intimated to our good office on August 28, 2018. During the moratorium period no Resolution Plan was approved by COC. As approval of the CoC could not be obtained, the application for liquidation under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 shall be filed within due course of time.
This is for your information and record.
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