The case involves an application (C.P. (IB)No.166/BB/2018) filed under Section 9 of the IBC, 2016, by Agrawal Coal Corporation Private Limited against Benaka Sponge Iron Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). I.A.No.568 of 2019 was filed by the Interim Resolution Professional (IRP) seeking to consider and approve the dissolution of Benaka Sponge Iron Private Limited. The petition was admitted on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. Public announcement was made on 13.03.2018 inviting claims against the Corporate Debtor.
Agrawal Coal Corporation Private Limited filed C.P.(IB)No.166/BB/2018 under Section 9 of the IBC, 2016, against Benaka Sponge Iron Private Limited, claiming a default of Rs.1,87,95,291.51/-. The petition was admitted on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. A public announcement was made on 13.03.2018. The IRP constituted a Committee of Creditors (CoC) comprising operational creditors. Six CoC meetings were held. The company's banker, IDBI, had classified the loan account as NPA with effect from 31.10.2014. The company had stopped production from 17.12.2015 due to non-payment of electricity charges. A reference was made to BIFR. The assets were sold under the SARFAESI Act by RBL on 03.09.2018. The valuation report submitted by two
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Public announcement was made inviting claims…
The petition filed by Agrawal Coal Corporation…
The case involves an application (C.P. (IB)No.166/BB/2018) filed under Section 9 of the IBC, 2016, by Agrawal Coal Corporation Private Limited against Benaka Sponge Iron Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). I.A.No.568 of 2019 was filed by the Interim Resolution Professional (IRP) seeking to consider and approve the dissolution of Benaka Sponge Iron Private Limited. The petition was admitted on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. Public announcement was made on 13.03.2018 inviting claims against the Corporate Debtor.
Agrawal Coal Corporation Private Limited filed C.P.(IB)No.166/BB/2018 under Section 9 of the IBC, 2016, against Benaka Sponge Iron Private Limited, claiming a default of Rs.1,87,95,291.51/-. The petition was admitted on 07.03.2019, initiating CIRP and appointing Ms. Manjula B.S as IRP. A public announcement was made on 13.03.2018. The IRP constituted a Committee of Creditors (CoC) comprising operational creditors. Six CoC meetings were held. The company's banker, IDBI, had classified the loan account as NPA with effect from 31.10.2014. The company had stopped production from 17.12.2015 due to non-payment of electricity charges. A reference was made to BIFR. The assets were sold under the SARFAESI Act by RBL on 03.09.2018. The valuation report submitted by two
…Public announcement was made inviting claims…
The petition filed by Agrawal Coal Corporation…