New Delhi, India, February 22, 2024: Saraf and Partners acted as the legal counsel for the Committee of Creditors (CoC) led by the State Bank of India, in the Corporate Insolvency Resolution Process of Simplex Projects Limited,in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016, and relevant regulations.
Saraf and Partners represented the CoC in all aspects of the CIRP, including attending CoC meetings, reviewing the resolution plans, negotiating with resolution applicants, appearing before the NCLT, advising on certain gray areas in the resolution process vis-a-vis the provisions of the IBC etc.
The Saraf and Partners team was led by Abir Lal Dey (Partner). Bikash Jhawar (Senior Partner) provided inputs on certain aspects of the transaction.
The resolution plan submitted by the promoter of the Company was approved by the CoC and declared as the successful resolution plan. An application seeking approval of the resolution plan has been filed by the resolution professional before the NCLT and is currently pending adjudication.
The case holds particular significance as, following the rejection of the resolution plan by the CoC, based on unsolicited addendums submitted subsequently by the unsuccessful resolution applicant, the NCLT allowed the CoC to re-consider the revised offer, in the spirit of maximisation of value, post which CoC approved the same.
