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India:
Resolution Of Payne Realtors Pvt. Ltd. By City Gold Entertainment Ltd
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- Resolution Process of Payne Realtors Pvt Ltd came to an end
vide an order dated August 24, 2020 passed by NCLT, Principal
Bench, New Delhi wherein it approved the Resolution Plan submitted
by City Gold Entertainment Limited in the CIRP of the Payne
Realtors Pvt Ltd. - The said CIRP commenced on July 25, 2019, following an order
passed by NCLT, Principal Bench for admitting Section 7 Application
filed against the Corporate Debtor by Axis Bank. Thereafter, after
following the due process, Resolution Plan of City Gold
Entertainment Ltd was approved in a meeting of Committee of
Creditors held on July 11, 2020. - The said resolution plan was approved with 100% votes post
certain minor changes as suggested by Committee of Creditors. - This is a positive outcome especially under the current
economic contraction.
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