The case involves an application to consider and approve the dissolution of Benaka Sponge Iron Private Limited (Corporate Debtor) due to the absence of assets for liquidation and a zero liquidation value. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by Agrawal Coal Corporation Private Limited, an operational creditor, due to 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).
Agrawal Coal Corporation Private Limited filed C.P.(IB)No.166/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Process against Benaka Sponge Iron Private Limited due to a default of Rs. 1,87,95,291.51. The Adjudicating Authority admitted the petition on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. A public announcement was made on 13.03.2018, inviting claims from parties against the Corporate Debtor. The IRP constituted a Committee of Creditors (CoC) with operational creditors, as there were no financial creditors. Six CoC meetings were held. The company's banker, IDBI, had classified the loan account as NPA effective from 31.10.2014. Production had ceased on 17.12.2015 due to unpaid electricity charges. The
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IDBI classifi…
The Company stopped its…
The case involves an application to consider and approve the dissolution of Benaka Sponge Iron Private Limited (Corporate Debtor) due to the absence of assets for liquidation and a zero liquidation value. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by Agrawal Coal Corporation Private Limited, an operational creditor, due to 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).
Agrawal Coal Corporation Private Limited filed C.P.(IB)No.166/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Process against Benaka Sponge Iron Private Limited due to a default of Rs. 1,87,95,291.51. The Adjudicating Authority admitted the petition on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. A public announcement was made on 13.03.2018, inviting claims from parties against the Corporate Debtor. The IRP constituted a Committee of Creditors (CoC) with operational creditors, as there were no financial creditors. Six CoC meetings were held. The company's banker, IDBI, had classified the loan account as NPA effective from 31.10.2014. Production had ceased on 17.12.2015 due to unpaid electricity charges. The
…IDBI classifi…
The Company stopped its…