The case involves an application (MA 1213/2019) filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an appropriate order from the National Company Law Tribunal (NCLT) regarding the liquidation of Abhishek Corporation Ltd., the Corporate Debtor. An earlier petition filed by Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, an Operational Creditor, under Section 9 of the IBC, was admitted on 2017-11-17. Mr. Ashish Mukund Chandak was initially appointed as Liquidator, but he expressed unwillingness to act in that capacity. The Tribunal had previously ordered the liquidation of the Corporate Debtor under Section 33(1) of the IBC.
Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 2017-11-17. Abhishek Corporation Ltd. is the Corporate Debtor. Mr. Ashish Mukund Chandak was initially appointed as Liquidator following an order for liquidation under Section 33(1) of the IBC. However, Mr. Chandak expressed his unwillingness to act as Liquidator due to health issues, as communicated in an email dated 2019-03-15. The Resolution Professional had also initially refused to act as a Liquidator. The Corporate Debtor has over 700 workers/employees whose salaries need to be addressed. An appeal against the Tribunal's order is pending before the NCLAT. Mr. Sameer Kakar was the Resolution
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Petition filed by Shri Karvir Nivasini…
Tribunal passed an…
The case involves an application (MA 1213/2019) filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an appropriate order from the National Company Law Tribunal (NCLT) regarding the liquidation of Abhishek Corporation Ltd., the Corporate Debtor. An earlier petition filed by Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, an Operational Creditor, under Section 9 of the IBC, was admitted on 2017-11-17. Mr. Ashish Mukund Chandak was initially appointed as Liquidator, but he expressed unwillingness to act in that capacity. The Tribunal had previously ordered the liquidation of the Corporate Debtor under Section 33(1) of the IBC.
Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), which was admitted on 2017-11-17. Abhishek Corporation Ltd. is the Corporate Debtor. Mr. Ashish Mukund Chandak was initially appointed as Liquidator following an order for liquidation under Section 33(1) of the IBC. However, Mr. Chandak expressed his unwillingness to act as Liquidator due to health issues, as communicated in an email dated 2019-03-15. The Resolution Professional had also initially refused to act as a Liquidator. The Corporate Debtor has over 700 workers/employees whose salaries need to be addressed. An appeal against the Tribunal's order is pending before the NCLAT. Mr. Sameer Kakar was the Resolution
…Petition filed by Shri Karvir Nivasini…
Tribunal passed an…