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. The initial Resolution Professional appointed for the liquidation expressed unwillingness to act as Liquidator. The Tribunal had previously admitted a petition filed by Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, the Operational Creditor, under Section 9 of the IBC, on 17.11.2017. An appeal against the Tribunal's order is pending before the NCLAT.
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 17.11.2017. Abhishek Corporation Ltd. is the Corporate Debtor undergoing liquidation. Mr. Ashish Mukund Chandak was initially appointed as Liquidator but declined the position due to health reasons, as communicated via email on 15.3.2019. Mr. Sameer Kakar was the Resolution Professional and was directed to act as an interim caretaker. The Corporate Debtor has over 700 workers/employees whose salaries are due. An appeal against the Tribunal's order is pending before the NCLAT. The Resolution Professional initially refused to act as a Liquidator but later showed willingness. Ultimately, Mr. Kshitij
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Petition filed by Shri Karvir Nivasini Mahalaxmi…
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. The initial Resolution Professional appointed for the liquidation expressed unwillingness to act as Liquidator. The Tribunal had previously admitted a petition filed by Shri Karvir Nivasini Mahalaxmi Ispat Pvt Ltd, the Operational Creditor, under Section 9 of the IBC, on 17.11.2017. An appeal against the Tribunal's order is pending before the NCLAT.
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 17.11.2017. Abhishek Corporation Ltd. is the Corporate Debtor undergoing liquidation. Mr. Ashish Mukund Chandak was initially appointed as Liquidator but declined the position due to health reasons, as communicated via email on 15.3.2019. Mr. Sameer Kakar was the Resolution Professional and was directed to act as an interim caretaker. The Corporate Debtor has over 700 workers/employees whose salaries are due. An appeal against the Tribunal's order is pending before the NCLAT. The Resolution Professional initially refused to act as a Liquidator but later showed willingness. Ultimately, Mr. Kshitij
…Petition filed by Shri Karvir Nivasini Mahalaxmi…
Tribunal passed an…