The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against ANG Industries Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017. Mr. Ilam Chand Kamboj was appointed as the Interim Resolution Professional (IRP), later approved as the Resolution Professional (RP) by the Committee of Creditors (COC). An application for extension of the CIRP period was granted, extending it by 90 days until 28.05.2018. The RP filed an application for approval of a resolution plan, which faced objections. Subsequently, the consortium of resolution applicants withdrew their plan, and the RP opined that liquidation might be necessary. An application for liquidation was then filed. Several applications
…ANG Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, with the application admitted on 30.08.2017. Ilam Chand Kamboj was appointed as IRP and later RP. The CIRP period was extended by 90 days until 28.05.2018. The RP filed an application for resolution plan approval, facing objections from operational creditor Shah Brothers Ispat Private Limited (SBIPL). SBIPL claimed Rs. 26.44 crores, while the RP admitted only Rs. 11.04 crores. Discrepancies existed in the principal amount and interest claimed. The RP filed for liquidation after the resolution plan was withdrawn. SBIPL sought directions for the CD to issue C forms for supplies valued at INR 11,20,14,571/-. MM Forgings filed an application for purchasing the
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Application…
CIRP period ext…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against ANG Industries Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017. Mr. Ilam Chand Kamboj was appointed as the Interim Resolution Professional (IRP), later approved as the Resolution Professional (RP) by the Committee of Creditors (COC). An application for extension of the CIRP period was granted, extending it by 90 days until 28.05.2018. The RP filed an application for approval of a resolution plan, which faced objections. Subsequently, the consortium of resolution applicants withdrew their plan, and the RP opined that liquidation might be necessary. An application for liquidation was then filed. Several applications
…ANG Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, with the application admitted on 30.08.2017. Ilam Chand Kamboj was appointed as IRP and later RP. The CIRP period was extended by 90 days until 28.05.2018. The RP filed an application for resolution plan approval, facing objections from operational creditor Shah Brothers Ispat Private Limited (SBIPL). SBIPL claimed Rs. 26.44 crores, while the RP admitted only Rs. 11.04 crores. Discrepancies existed in the principal amount and interest claimed. The RP filed for liquidation after the resolution plan was withdrawn. SBIPL sought directions for the CD to issue C forms for supplies valued at INR 11,20,14,571/-. MM Forgings filed an application for purchasing the
…Application…
CIRP period ext…