The Winsome Yarn Limited‘s Committee of Creditors (COC) has approved with the requisite majority, through e-voting, in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed by M/s Mohini Health & Hygiene Limited.
The Resolution Professional has applied for approval of the COC approved Resolution Plan with the National Company Law Tribunal, Chandigarh Bench (‘NCLT’).
The Corporate Resolution Insolvency Process was initiated after the insolvency plea was filed by Edelweiss Asset Reconstruction Company Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against M/s Winsome Yarns Ltd.
The NCLT found the amount of ₹ 2,37,49,54,804.29/- (Rupees Two Hundred and Thirty-Seven Crores Forty-Nine Lakhs Fifty-Four Thousand Eight Hundred and Four and Twenty-Nine Paise) was outstanding which amounted to default, on the ground of Winsome Yarn avoiding the payment of outstanding amount despite repeated requests by financial creditor.
The matter was heard before the bench of Subrata Kumar Dash (Technical Member), and Harnam Singh Thakur (Judicial Member).
