Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017, and a moratorium was declared. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later ratified as the Resolution Professional (RP). The initial CIRP period expired on 26.02.2018, and an extension of 90 days was granted. The RP submitted a resolution plan by Alexis Marketing LLP, which was approved by the Committee of Creditors (COC).
Punjab National Bank (PNB), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited, the corporate debtor. The application was admitted on 30.08.2017, and a moratorium was imposed. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 26.02.2018, and an extension of 90 days was granted. The RP submitted a resolution plan from Alexis Marketing LLP, which was approved by the Committee of Creditors (COC) with 100% voting share. The liquidation value of the corporate debtor was ₹7.06 crores. The resolution
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Application under Section 7 of IBC filed by…
Jalesh Kumar Grover…
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 30.08.2017, and a moratorium was declared. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later ratified as the Resolution Professional (RP). The initial CIRP period expired on 26.02.2018, and an extension of 90 days was granted. The RP submitted a resolution plan by Alexis Marketing LLP, which was approved by the Committee of Creditors (COC).
Punjab National Bank (PNB), a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Arcee Ispat Udyog Limited, the corporate debtor. The application was admitted on 30.08.2017, and a moratorium was imposed. Jalesh Kumar Grover was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 26.02.2018, and an extension of 90 days was granted. The RP submitted a resolution plan from Alexis Marketing LLP, which was approved by the Committee of Creditors (COC) with 100% voting share. The liquidation value of the corporate debtor was ₹7.06 crores. The resolution
…Application under Section 7 of IBC filed by…
Jalesh Kumar Grover…