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The Insolvency Resolution Professional, advisors and Committee of Creditors (CoC) to evaluate the resolution plan submitted in the IVRCL corporate insolvency case.
The matter, which is now under consideration under the Bankruptcy and Insolvency Code, 2016, in the National Company Law Tribunal for resolution, has received one resolution plan.
In a regulatory filing made with BSE, the Hyderabad-based construction cum infrastructure company IVRCL informed that the RP, Sutanu Sinha, his advisors and the members of the CoC are working on the said Resolution Plan to ensure that the same is in conformity with the provisions of Insolvency and Bankruptcy Code, 2016.
Pursuant to the resolution passed in the meeting of the CoC of IVRCL on August 30, approving the shortlisting of the prospective Resolution Applicants to submit the resolution plan for the company, the company has received a resolution plan from one of the prospective RA.
This comes after the expression of interest was received by the Resolution Professional from the prospective resolution applicants, pursuant to the public announcement made for second time on August 14.
The CoC also approved the appointment of an independent agency to carry out techno-economic viability study of the resolution plan.
In another petition, the RP sought approval to transfer securities held by IVRCL in Rayalaseema Expressways Private Ltd to KMC Construction Ltd.
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