Alucast Auto Parts Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by the Adjudicating Authority on 2020-06-09. Rakesh Chaturvedi was appointed as the Interim Resolution Professional (IRP). A public notice was issued, and claims were received from financial creditors, including State Bank of India (SBI) and Edelweiss Asset Reconstruction Company Limited (EARC). The Committee of Creditors (COC) was formed. During the COC meetings, the possibility of revival was considered but deemed unfeasible due to the company's poor financial status, lack of assets, and significant liabilities exceeding Rs. 200 Crores. EARC raised concerns about the legality of property sales conducted by SBI under SARFESAI, where SBI had the first charge. The COC

Alucast Auto Parts Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by the Adjudicating Authority on 2020-06-09. Rakesh Chaturvedi was appointed as the Interim Resolution Professional (IRP). A public notice was issued, and claims were received from financial creditors, including State Bank of India (SBI) and Edelweiss Asset Reconstruction Company Limited (EARC). The Committee of Creditors (COC) was formed. During the COC meetings, the possibility of revival was considered but deemed unfeasible due to the company's poor financial status, lack of assets, and significant liabilities exceeding Rs. 200 Crores. EARC raised concerns about the legality of property sales conducted by SBI under SARFESAI, where SBI had the first charge. The COC