The case involves a Company Petition filed by M/s. Aegan Industries Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Tribunal admitted the petition and appointed an Interim Resolution Professional (IRP), later replaced by a Resolution Professional (RP). The RP faced non-cooperation from the company's directors in handing over assets and documents. The Committee of Creditors (CoC) rejected the resolution plans received and decided to liquidate the company.
M/s. Aegan Industries Private Limited filed a company petition under Section 10 of the IBC seeking to initiate CIRP. The Tribunal admitted the petition and appointed Shri S Muthuraju as Interim Resolution Professional, who was later replaced by Shri Ravindra Beleyur as Resolution Professional. The Resolution Professional faced difficulties in obtaining the necessary documents and assets from the company's directors, Mr. Thyagarajan Arun Kumar and Mrs. Arunkumar Bhadra Devi, despite repeated requests. The Committee of Creditors (CoC) held multiple meetings but ultimately rejected the resolution plans submitted by Nimbark Fashions Limited and Eveready Spinning Mills (P) Ltd. due to their being below expectations. Consequently, the CoC decided to liquidate M/s. Aegan
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M/s. Aegan Industries Private Limited filed a…
Shri Ravindra Beleyur…
The case involves a Company Petition filed by M/s. Aegan Industries Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Tribunal admitted the petition and appointed an Interim Resolution Professional (IRP), later replaced by a Resolution Professional (RP). The RP faced non-cooperation from the company's directors in handing over assets and documents. The Committee of Creditors (CoC) rejected the resolution plans received and decided to liquidate the company.
M/s. Aegan Industries Private Limited filed a company petition under Section 10 of the IBC seeking to initiate CIRP. The Tribunal admitted the petition and appointed Shri S Muthuraju as Interim Resolution Professional, who was later replaced by Shri Ravindra Beleyur as Resolution Professional. The Resolution Professional faced difficulties in obtaining the necessary documents and assets from the company's directors, Mr. Thyagarajan Arun Kumar and Mrs. Arunkumar Bhadra Devi, despite repeated requests. The Committee of Creditors (CoC) held multiple meetings but ultimately rejected the resolution plans submitted by Nimbark Fashions Limited and Eveready Spinning Mills (P) Ltd. due to their being below expectations. Consequently, the CoC decided to liquidate M/s. Aegan
…M/s. Aegan Industries Private Limited filed a…
Shri Ravindra Beleyur…