The case involves a Company Petition CP(IB) No. 1376/KB/2018 filed by Dewesh Auto Creative Services P. Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against AK Power Industries P. Ltd., the Corporate Debtor. The petition was admitted on September 30, 2019, and an Interim Resolution Professional (IRP) was appointed, later replaced by PratimBayal as the Resolution Professional (RP). The RP issued Form G and appointed a Forensic Auditor. The Corporate Debtor raised objections regarding the genuineness of the Loan Agreement dated December 19, 2014, claiming it was never executed. The RP sought verification of the Loan Agreement, but the Financial Creditor did not
…Dewesh Auto Creative Services P. Ltd. filed a Company Petition CP(IB)/1376/KB/2018 under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against AK Power Industries P. Ltd. The petition was admitted on September 30, 2019. Arun Kumar Khandelia was appointed as the Interim Resolution Professional, later replaced by PratimBayal. The Corporate Debtor disputed the genuineness of the Loan Agreement dated December 19, 2014, which formed the basis of the Financial Creditor's claim. The Financial Creditor did not provide the original Loan Agreement for verification despite requests from the RP and the Forensic Auditor. The Forensic Auditor could not complete the audit without verifying the Loan Agreement. The CoC rejected the Resolution Plan. The CIRP
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Dewesh Auto Creative…
The Tribunal admitted the Company Petition and…
The case involves a Company Petition CP(IB) No. 1376/KB/2018 filed by Dewesh Auto Creative Services P. Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against AK Power Industries P. Ltd., the Corporate Debtor. The petition was admitted on September 30, 2019, and an Interim Resolution Professional (IRP) was appointed, later replaced by PratimBayal as the Resolution Professional (RP). The RP issued Form G and appointed a Forensic Auditor. The Corporate Debtor raised objections regarding the genuineness of the Loan Agreement dated December 19, 2014, claiming it was never executed. The RP sought verification of the Loan Agreement, but the Financial Creditor did not
…Dewesh Auto Creative Services P. Ltd. filed a Company Petition CP(IB)/1376/KB/2018 under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against AK Power Industries P. Ltd. The petition was admitted on September 30, 2019. Arun Kumar Khandelia was appointed as the Interim Resolution Professional, later replaced by PratimBayal. The Corporate Debtor disputed the genuineness of the Loan Agreement dated December 19, 2014, which formed the basis of the Financial Creditor's claim. The Financial Creditor did not provide the original Loan Agreement for verification despite requests from the RP and the Forensic Auditor. The Forensic Auditor could not complete the audit without verifying the Loan Agreement. The CoC rejected the Resolution Plan. The CIRP
…Dewesh Auto Creative…
The Tribunal admitted the Company Petition and…