The case pertains to an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed by Jai Balaji Industries Limited, the operational creditor, against Bholanath Ingots Private Limited, the corporate debtor, for default in payment of an operational debt amounting to Rs. 6,85,00,000/-.
Jai Balaji Industries Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bholanath Ingots Private Limited for defaulting on an operational debt of Rs. 6,85,00,000/-. The corporate debtor, Bholanath Ingots Private Limited, was admitted into CIRP on August 7, 2019. Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and invited claims from creditors. Claims were received from six financial creditors and some operational creditors. A Committee of Creditors (CoC) was formed. The IRP collected financial papers, assessed assets and liabilities, and prepared an Information Memorandum. Despite efforts, no resolution plan was received within the 180-day CIRP
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Bholanath Ingots Private…
The IRP made a public…
The case pertains to an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The application was filed by Jai Balaji Industries Limited, the operational creditor, against Bholanath Ingots Private Limited, the corporate debtor, for default in payment of an operational debt amounting to Rs. 6,85,00,000/-.
Jai Balaji Industries Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Bholanath Ingots Private Limited for defaulting on an operational debt of Rs. 6,85,00,000/-. The corporate debtor, Bholanath Ingots Private Limited, was admitted into CIRP on August 7, 2019. Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and invited claims from creditors. Claims were received from six financial creditors and some operational creditors. A Committee of Creditors (CoC) was formed. The IRP collected financial papers, assessed assets and liabilities, and prepared an Information Memorandum. Despite efforts, no resolution plan was received within the 180-day CIRP
…Bholanath Ingots Private…
The IRP made a public…