Punjab National Bank filed an application under Section 7 of IBC, 2016 to initiate CIRP against Highland Automobiles Private Limited.

The application was admitted on 15.02.2024, and Mr. Arvind Kumar was appointed as the Interim Resolution Professional (IRP).

The IRP made a public announcement on 17.02.2024 to invite claims.

The Committee of Creditors (CoC) was constituted with Punjab National Bank as the sole secured financial creditor, holding 100% voting share.

The CoC approved the resolution plan submitted by Abhishek Jain with a 91.80% voting share on 22.10.2024.

The Fair Market Value (FMV) of the Corporate Debtor is Rs. 5,98,51,649.80/- and the Liquidation Value (LV) is Rs. 2,06,00,424.30/-.

The total realisable amount under the resolution plan is Rs. 1,00,22,327.00.

Punjab National Bank filed an application under Section 7 of IBC, 2016 to initiate CIRP against Highland Automobiles Private Limited.

The application was admitted on 15.02.2024, and Mr. Arvind Kumar was appointed as the Interim Resolution Professional (IRP).

The IRP made a public announcement on 17.02.2024 to invite claims.

The Committee of Creditors (CoC) was constituted with Punjab National Bank as the sole secured financial creditor, holding 100% voting share.

The CoC approved the resolution plan submitted by Abhishek Jain with a 91.80% voting share on 22.10.2024.

The Fair Market Value (FMV) of the Corporate Debtor is Rs. 5,98,51,649.80/- and the Liquidation Value (LV) is Rs. 2,06,00,424.30/-.

The total realisable amount under the resolution plan is Rs. 1,00,22,327.00.