NCLT Mumbai Approves M/S Steel Line’s Resolution Plan For J-Marks Exim (India) Private Limited

The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 25.05.2020. The Resolution Professional initially received and admitted claims of 53.48 crores from Secured Financial Creditor and of 1.07 Lakhs from Operational Creditors.

After publication of Form G inviting Expression of Interest from Prospective Resolution Applicants, the Corporate Debtor received Resolution Plans from M/s Steel Line (India) and M/s Puneet Alag. The Committee of Creditors (“CoC”) approved the Resolution Plan of M/s Steel Line (India) Private Limited with 100% voting share in its 12^th meeting held on 26.02.2021.

The Resolution Plan offered a 14.9% recovery of 53.48 crores to the Secured Financial Creditor amounting to 7.98 crores. It further offered Rs. 18.71 Lakhs in total for claims of operational creditors, other creditors and payment towards statutory duties including Income Tax and Service Tax.

The NCLT approved the Resolution Plan being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.

J-Marks Exim (India) Private Limited was a non-government company engaged in wholesale of household goods

Case No.

IA No. 1576 of 2021 and IA No. 333 of 2021 in CP No. (IB) 2176/ (MB)/ C-IV/ 2019

Case Name

Punjab National Bank vs J-Marks Exim (India) Private Limited

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