In one of the first cases, Arun Jagatramka, promoter of Gujarat NRE Coke, has proposed a revival scheme under the Companies Act, 2013, even as the firm is undergoing liquidation under the Insolvency and Bankruptcy Code (IBC).
The scheme has been proposed under Section 230 of the Companies Act, 2013, to revive the firm with the consent of all stakeholders — shareholders, unsecured creditors as well as secured creditors.
According to the provisions of Act, 75 per cent consent would be required from each class of stakeholders, said Jagatramka.
The scheme was presented before the Kolkata bench of the National
