The case involves a Miscellaneous Application (MA/163/2018) filed in CP/551/IB/2017 by the Resolution Professional, Mr. V. Nagarajan, under Sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Ashok Magnetics Limited. The application was filed after the Committee of Creditors (CoCs) did not approve any resolution plan within the stipulated 270-day period. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by the Central Bank of India and the State Bank of India under Section 7 of the I&B Code, 2016. The CIRP period was extended beyond 180 days but ultimately expired without a resolution plan being approved.
The Central Bank of India and the State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Ashok Magnetics Limited under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The CIRP was admitted on 2017-09-04, and a moratorium was declared. Mr. V. Nagarajan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The CIRP period was extended beyond 180 days, expiring on 2018-06-01. The Resolution Professional invited Expression of Interest (Eol) from prospective Resolution Applicants, with a deadline of 2018-04-05. Three Resolution Applicants expressed interest, but the Resolution Plans submitted by the two qualified applicants were rejected by the Committee of
…Sign in to view the parties.
Corporate Insolvency…
The Authority extended…
The case involves a Miscellaneous Application (MA/163/2018) filed in CP/551/IB/2017 by the Resolution Professional, Mr. V. Nagarajan, under Sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Ashok Magnetics Limited. The application was filed after the Committee of Creditors (CoCs) did not approve any resolution plan within the stipulated 270-day period. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by the Central Bank of India and the State Bank of India under Section 7 of the I&B Code, 2016. The CIRP period was extended beyond 180 days but ultimately expired without a resolution plan being approved.
The Central Bank of India and the State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Ashok Magnetics Limited under Section 7 of the Insolvency and Bankruptcy Code (I&B Code), 2016. The CIRP was admitted on 2017-09-04, and a moratorium was declared. Mr. V. Nagarajan was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The CIRP period was extended beyond 180 days, expiring on 2018-06-01. The Resolution Professional invited Expression of Interest (Eol) from prospective Resolution Applicants, with a deadline of 2018-04-05. Three Resolution Applicants expressed interest, but the Resolution Plans submitted by the two qualified applicants were rejected by the Committee of
…Corporate Insolvency…
The Authority extended…