PPG Asian Paints Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Coastal Automobiles Pvt Ltd. An Interim Resolution Professional (IRP), Mr. K.K. Balasubramanian, was initially appointed but failed to initiate the CIRP. Subsequently, R. Hari Prasad was appointed as IRP. Investigations revealed that the Corporate Debtor had been non-operational for 10 years, with no assets, records, or traceable directors/promoters. Claims were received from financial creditors (State Bank of India and PPG Asian Paints Pvt Ltd) and operational creditors (EPFO, ESIC, and Income Tax Office). The Committee of Creditors (CoC) was constituted, and after deliberations, it resolved for early dissolution of the Corporate Debtor due to the lack of assets and untraceable
…PPG Asian Paints Pvt Ltd initiated CIRP against Coastal Automobiles Pvt Ltd under Section 7 of IBC, 2016, for a default of Rs.4,00,000/-.
The Adjudicating Authority admitted the Corporate Debtor into CIRP on 09.11.2021.
Mr. K.K. Balasubramanian was initially appointed as IRP but failed to initiate the CIRP process.
R. Hari Prasad was appointed as Interim Resolution Professional (IRP) on 10.10.2025 to conduct the CIRP.
The Corporate Debtor has been non-operational for the past 10 years.
No office or shop of the Corporate Debtor was found at its registered address or branch locations.
Directors/Promoters of the Corporate Debtor are untraceable, having vacated premises around 10-14 years ago.
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PPG Asian Paints Pvt Ltd initiated CIRP against…
Adjudicating Authority ordered notices to the…
PPG Asian Paints Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Coastal Automobiles Pvt Ltd. An Interim Resolution Professional (IRP), Mr. K.K. Balasubramanian, was initially appointed but failed to initiate the CIRP. Subsequently, R. Hari Prasad was appointed as IRP. Investigations revealed that the Corporate Debtor had been non-operational for 10 years, with no assets, records, or traceable directors/promoters. Claims were received from financial creditors (State Bank of India and PPG Asian Paints Pvt Ltd) and operational creditors (EPFO, ESIC, and Income Tax Office). The Committee of Creditors (CoC) was constituted, and after deliberations, it resolved for early dissolution of the Corporate Debtor due to the lack of assets and untraceable
…PPG Asian Paints Pvt Ltd initiated CIRP against Coastal Automobiles Pvt Ltd under Section 7 of IBC, 2016, for a default of Rs.4,00,000/-.
The Adjudicating Authority admitted the Corporate Debtor into CIRP on 09.11.2021.
Mr. K.K. Balasubramanian was initially appointed as IRP but failed to initiate the CIRP process.
R. Hari Prasad was appointed as Interim Resolution Professional (IRP) on 10.10.2025 to conduct the CIRP.
The Corporate Debtor has been non-operational for the past 10 years.
No office or shop of the Corporate Debtor was found at its registered address or branch locations.
Directors/Promoters of the Corporate Debtor are untraceable, having vacated premises around 10-14 years ago.
…PPG Asian Paints Pvt Ltd initiated CIRP against…
Adjudicating Authority ordered notices to the…