SHIVA MEDICARE LTD. - 524602 - CIRP Updates - Communication received from IRP
"The Corporate Insolvency Resolution Process ("CIRP") in terms of the Insolvency and Bankruptcy Code, 2016 ("IBC") has commenced against Shiva Medicare Limited ("the Company / PIL") pursuant to the order of the Hon''ble NCLT dated 16th February, 2021. Mr. Venkateswarlu Kari IP Regn. No. IBBI/IPA-001/IP- P00052/2017-2018/10126 has been appointed as Resolution Professional ("RP") by the Committee of Creditors ("CoC") as per the provisions of the IBC. Pursuant to the invitation published by the RP, Mr. B Munirathnam Reddy had submitted a resolution plan ("Resolution Plan") for the Company. The CoC of the Company approved the resolution plan as submitted by Mr. B Munirathnam Reddy and same was submitted before Hon''ble NCLT for its final approval. The Hon''ble NCLT, Hyderabad Bench vide its Order dated 7th February, 2022, approved the resolution plan for the Company. The Resolution Professional was informed of the same on 7th February, 2022. The said Resolution Plan, as approved by the Hon''ble NCLT, is binding on the Company, employees, members, creditors, guarantors and other stakeholders involved, as per the provisions of the IBC. The certified true copy of the order has been applied for and is awaited. The Company will provide the salient features of the Resolution Plan as approved by the Hon''ble NCLT once the certified true copy of the Order of the Hon''ble NCLT is received."