The case involves an application (MA 887/2018) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) seeking the initiation of liquidation for the Corporate Debtor, Abhishek Corporation Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Section 9 petition by an operational creditor, Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., due to default in payment. Despite efforts, no resolution plan was approved by the Committee of Creditors (CoC) within the stipulated time. Several applications were filed during the CIRP, including those seeking approval of a resolution plan, intervention by a labor union, and reconsideration of the resolution plan. The CIRP period was extended, but
…Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., an operational creditor, filed a Section 9 petition against Abhishek Corporation Ltd. due to payment defaults. The NCLT admitted the petition on 2017-11-17, initiating CIRP and appointing Sandeep Singhal as Interim Resolution Professional (IRP). The IRP made a public announcement on 2017-11-23, inviting claims with a deadline of 2017-12-06. Adroit Technical Services Pvt Ltd and Crest Capital Group Pvt Ltd were appointed as valuers. The IRP formed a Committee of Creditors (CoC) including various financial institutions. The first CoC meeting occurred on 2017-12-22. The CoC rejected the IRP's appointment as Resolution Professional (RP) but allowed him to continue until a new RP was appointed. Sameer Kakar was appointed as RP
…Sign in to view the parties.
Section 9 Petition filed by Shri Karvir…
IRP issued a…
The case involves an application (MA 887/2018) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) seeking the initiation of liquidation for the Corporate Debtor, Abhishek Corporation Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Section 9 petition by an operational creditor, Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., due to default in payment. Despite efforts, no resolution plan was approved by the Committee of Creditors (CoC) within the stipulated time. Several applications were filed during the CIRP, including those seeking approval of a resolution plan, intervention by a labor union, and reconsideration of the resolution plan. The CIRP period was extended, but
…Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., an operational creditor, filed a Section 9 petition against Abhishek Corporation Ltd. due to payment defaults. The NCLT admitted the petition on 2017-11-17, initiating CIRP and appointing Sandeep Singhal as Interim Resolution Professional (IRP). The IRP made a public announcement on 2017-11-23, inviting claims with a deadline of 2017-12-06. Adroit Technical Services Pvt Ltd and Crest Capital Group Pvt Ltd were appointed as valuers. The IRP formed a Committee of Creditors (CoC) including various financial institutions. The first CoC meeting occurred on 2017-12-22. The CoC rejected the IRP's appointment as Resolution Professional (RP) but allowed him to continue until a new RP was appointed. Sameer Kakar was appointed as RP
…Section 9 Petition filed by Shri Karvir…
IRP issued a…