The case involves an application (I.A.No.568 of 2019) seeking the dissolution of Benaka Sponge Iron Private Limited (Corporate Debtor) due to the absence of assets for liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition (C.P.(IB)No.166/BB/2018) filed by Agarwal Coal Corporation Private Limited (Operational Creditor) under Section 9 of the IBC, 2016, citing a default of Rs.1,87,95,291.51/-. The petition was admitted on 07.03.2019, and Ms. Manjula B.S was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 13.03.2018, inviting claims against the Corporate Debtor. The company's financial difficulties included its loan account being classified as NPA by IDBI, cessation of production due to
…Benaka Sponge Iron Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) initiated by Agarwal Coal Corporation Private Limited (Operational Creditor) due to a default of Rs. 1,87,95,291.51. The petition was admitted on 07.03.2019. Ms. Manjula B.S was appointed as the Interim Resolution Professional (IRP). The company's financial difficulties included its loan account being classified as NPA by IDBI on 31.10.2014, cessation of production from 17.12.2015 due to unpaid electricity charges amounting to Rs. 19,62,486, and a reference to BIFR registered on 17.03.2016. The assets were sold under the SARFAESI Act by RBL on 03.09.2018, resulting in a nil liquidation value. The IRP reported that Rs. 44,432 was available in cash, and Rs.
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Public announcement was made inviting claims…
The Petition was admitted by the Adjudicating…
The case involves an application (I.A.No.568 of 2019) seeking the dissolution of Benaka Sponge Iron Private Limited (Corporate Debtor) due to the absence of assets for liquidation. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition (C.P.(IB)No.166/BB/2018) filed by Agarwal Coal Corporation Private Limited (Operational Creditor) under Section 9 of the IBC, 2016, citing a default of Rs.1,87,95,291.51/-. The petition was admitted on 07.03.2019, and Ms. Manjula B.S was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 13.03.2018, inviting claims against the Corporate Debtor. The company's financial difficulties included its loan account being classified as NPA by IDBI, cessation of production due to
…Benaka Sponge Iron Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) initiated by Agarwal Coal Corporation Private Limited (Operational Creditor) due to a default of Rs. 1,87,95,291.51. The petition was admitted on 07.03.2019. Ms. Manjula B.S was appointed as the Interim Resolution Professional (IRP). The company's financial difficulties included its loan account being classified as NPA by IDBI on 31.10.2014, cessation of production from 17.12.2015 due to unpaid electricity charges amounting to Rs. 19,62,486, and a reference to BIFR registered on 17.03.2016. The assets were sold under the SARFAESI Act by RBL on 03.09.2018, resulting in a nil liquidation value. The IRP reported that Rs. 44,432 was available in cash, and Rs.
…Public announcement was made inviting claims…
The Petition was admitted by the Adjudicating…