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. The CIRP involved public announcements, appointment of valuers, constitution of a Committee of Creditors (CoC), and attempts to find a resolution plan. Several extensions were sought for the CIRP period. Multiple applications were filed, including one by a resolution applicant (M/s Manibhadra Polycot) seeking directions to
…Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., an operational creditor, filed a Section 9 petition against Abhishek Corporation Ltd. due to payment default, leading to the initiation of CIRP. Mr. Sandeep Singhal was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors, setting a deadline of 06.12.2017. Adroit Technical Services Pvt Ltd and Crest Capital Group Pvt Ltd were appointed as valuers. A Committee of Creditors (CoC) was formed, including several financial institutions. The resolution for appointing the IRP as the resolution professional was rejected by the CoC. Mr. Sameer Kakar was later appointed as the Resolution Professional (RP). The CIRP period was extended by 90 days. The RP
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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. The CIRP involved public announcements, appointment of valuers, constitution of a Committee of Creditors (CoC), and attempts to find a resolution plan. Several extensions were sought for the CIRP period. Multiple applications were filed, including one by a resolution applicant (M/s Manibhadra Polycot) seeking directions to
…Shri Karvir Nivasini Mahalaxmi Ispat Pvt. Ltd., an operational creditor, filed a Section 9 petition against Abhishek Corporation Ltd. due to payment default, leading to the initiation of CIRP. Mr. Sandeep Singhal was initially appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors, setting a deadline of 06.12.2017. Adroit Technical Services Pvt Ltd and Crest Capital Group Pvt Ltd were appointed as valuers. A Committee of Creditors (CoC) was formed, including several financial institutions. The resolution for appointing the IRP as the resolution professional was rejected by the CoC. Mr. Sameer Kakar was later appointed as the Resolution Professional (RP). The CIRP period was extended by 90 days. The RP
…Section 9 Petition filed by Shri Karvir…
IRP issued a…