The case involves an application for the dissolution of Alucast Auto Parts Limited, a Corporate Debtor undergoing liquidation. Initially, the Corporate Debtor itself filed for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), which was admitted by the NCLT Bengaluru Bench. Rakesh Chaturvedi was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) approved the liquidation of the company, and Rakesh Chaturvedi was appointed as the Liquidator. The Liquidator took steps to consolidate claims, issue public notices, and prepare reports as required by the IBBI (Liquidation Process) Regulations, 2016.
Alucast Auto Parts Limited initiated CIRP under Section 10 of IBC, which was admitted by NCLT Bengaluru. Rakesh Chaturvedi was appointed as IRP and later as Liquidator after the CoC approved liquidation. Public announcements were made, and claims were consolidated. The company had no realizable assets and liabilities exceeding Rs. 260 Crores. Edelweiss Asset Reconstruction Company Limited (EARC) raised concerns about prior asset sales by State Bank of India (SBI) but agreed to liquidation. The Liquidator submitted final reports and audited liquidation accounts. The company's financial status showed a loss of Rs. 19,37,00,044/- and a total deficit of Rs. 172,21,41,632.19/-. The admitted claims amounted to Rs.255,09,39,693/-. The liquidation process was completed on
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The NCLT Bengaluru Bench admitted the…
The Committee of Creditors (CoC) approved the…
The case involves an application for the dissolution of Alucast Auto Parts Limited, a Corporate Debtor undergoing liquidation. Initially, the Corporate Debtor itself filed for Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), which was admitted by the NCLT Bengaluru Bench. Rakesh Chaturvedi was appointed as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) approved the liquidation of the company, and Rakesh Chaturvedi was appointed as the Liquidator. The Liquidator took steps to consolidate claims, issue public notices, and prepare reports as required by the IBBI (Liquidation Process) Regulations, 2016.
Alucast Auto Parts Limited initiated CIRP under Section 10 of IBC, which was admitted by NCLT Bengaluru. Rakesh Chaturvedi was appointed as IRP and later as Liquidator after the CoC approved liquidation. Public announcements were made, and claims were consolidated. The company had no realizable assets and liabilities exceeding Rs. 260 Crores. Edelweiss Asset Reconstruction Company Limited (EARC) raised concerns about prior asset sales by State Bank of India (SBI) but agreed to liquidation. The Liquidator submitted final reports and audited liquidation accounts. The company's financial status showed a loss of Rs. 19,37,00,044/- and a total deficit of Rs. 172,21,41,632.19/-. The admitted claims amounted to Rs.255,09,39,693/-. The liquidation process was completed on
…The NCLT Bengaluru Bench admitted the…
The Committee of Creditors (CoC) approved the…