CoC gives nod to invite fresh EoIs for IVRCL

By: | Published: August 11, 2018 2:11 AM

The resolution professional (RP) of IVRCL has sought approval of the committee of creditors’ (CoC) members to invite fresh expressions of interest (EoIs) and submit a resolution plan from interested resolution applicants for the second time.

CoC, IVRCL, CIRP, BSE notificationAccording to RP Sutanu Sinha, the CoC has approved the proposal during the e-voting in terms of Regulation 26(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The resolution professional (RP) of IVRCL has sought approval of the committee of creditors’ (CoC) members to invite fresh expressions of interest (EoIs) and submit a resolution plan from interested resolution applicants for the second time. This was discussed during the sixth meeting of the CoC of IVRCL under the corporate insolvency resolution process (CIRP). “Pursuant to the resolution passed in the sixth meeting of Committee of Creditors of IVRCL , the Resolution Professional will be inviting fresh Expression of Interest (EoI) to submit resolution plan for IVRCL for second time from the interested Resolution Applicants through public notice,”’ the company said in a BSE notification.

According to RP Sutanu Sinha, the CoC has approved the proposal during the e-voting in terms of Regulation 26(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. IVRCL, which is undergoing an insolvency process, had earlier said that there is mismatch of the company’s accounts when compared with the claims made by its creditors.

“There are mismatches in liabilities, bank interest, etc in comparison to claims submitted by creditors under ClRP process vis-a-vis books of accounts. Audit of subsidiaries have not been completed and Resolution Professional has no control on that,” IVRCL had said in a regulatory filing.

Earlier, the company had received EoIs from a few prospective resolution applicants to submit a resolution plan. The details of the EoIs were presented by the CoC under CIRP. Sources in the know said that the EoIs were not according to the provisions of the Insolvency and Bankruptcy Code and hence not satisfactory.

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