The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak Logistic Limited on 12.09.2017 by Punjab National Bank. Mr. Dushyant C Dave was appointed as the Interim Resolution Professional, then Resolution Professional, and subsequently as the Liquidator on 19.11.2018. During the liquidation, a significant portion of the Corporate Debtor's movable assets (6170 vehicles) were provisionally attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). While some vehicles were later released, 1344 non-traceable vehicles remained under attachment. The Liquidator conducted auctions, realized assets, and distributed proceeds to stakeholders. Not Readily Realizable Assets (NRRA), including proceedings related to
…CP(IB) No. 89/NCLT/AHM/2017, filed by Punjab National Bank under Section 7 of the IBC, 2016, against Corporate Debtor Siddhi Vinayak Logistic Limited, was admitted on 12.09.2017.
Mr. Dushyant C Dave was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional by the Committee of Creditors.
The Resolution Professional filed an application under Section 33 of the IBC, 2016, for liquidation, which was allowed on 19.11.2018, and Mr. Dushyant C Dave was appointed as the Liquidator.
A public announcement in Form B was made on 24.11.2018, with the last date for claims specified as 23.12.2018.
The Liquidator filed the list of stakeholders, Preliminary Report, and Asset Memorandum on 30.01.2019.
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Corporate Insolvency Resolution Process (CIRP)…
Liquidation commenced,…
The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Vinayak Logistic Limited on 12.09.2017 by Punjab National Bank. Mr. Dushyant C Dave was appointed as the Interim Resolution Professional, then Resolution Professional, and subsequently as the Liquidator on 19.11.2018. During the liquidation, a significant portion of the Corporate Debtor's movable assets (6170 vehicles) were provisionally attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA). While some vehicles were later released, 1344 non-traceable vehicles remained under attachment. The Liquidator conducted auctions, realized assets, and distributed proceeds to stakeholders. Not Readily Realizable Assets (NRRA), including proceedings related to
…CP(IB) No. 89/NCLT/AHM/2017, filed by Punjab National Bank under Section 7 of the IBC, 2016, against Corporate Debtor Siddhi Vinayak Logistic Limited, was admitted on 12.09.2017.
Mr. Dushyant C Dave was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional by the Committee of Creditors.
The Resolution Professional filed an application under Section 33 of the IBC, 2016, for liquidation, which was allowed on 19.11.2018, and Mr. Dushyant C Dave was appointed as the Liquidator.
A public announcement in Form B was made on 24.11.2018, with the last date for claims specified as 23.12.2018.
The Liquidator filed the list of stakeholders, Preliminary Report, and Asset Memorandum on 30.01.2019.
…Corporate Insolvency Resolution Process (CIRP)…
Liquidation commenced,…