The case involves an application filed by Liberty House Group Pte. Limited ('Liberty House') under section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to set aside the decision of the Committee of Creditors (CoC) to reject its resolution plan. The CoC rejected Liberty House's plan because it was submitted after the deadline. The main application, CP No.(IB) 202 PB of 2017, was filed by Punjab National Bank against Bhushan Power and Steel Limited ('BPSL') under section 7 of the IBC for initiating Corporate Insolvency Resolution Process (CIRP) due to a significant default. The application was admitted on 26.07.2017, and Mr. Mahender Khandelwal was appointed as Interim Resolution Professional (IRP/RP). The admission order declared a moratorium. The
…Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhushan Power & Steel Limited (BPSL) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 26.07.2017, with Mr. Mahender Khandelwal appointed as the Interim Resolution Professional (IRP). A public notice was issued inviting expressions of interest (EOI) from prospective resolution applicants. The last date for submitting qualification documents was 06.10.2017. Liberty House submitted its EOI on 13.11.2017, after the deadline. The Resolution Professional (RP) requested Liberty House to submit various documents, including audited financial statements, Memorandum of Association, and a confidentiality undertaking. Liberty House failed to provide
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Corporate Insolvency Resolution Process (CIRP)…
Public announcement of…
The case involves an application filed by Liberty House Group Pte. Limited ('Liberty House') under section 60(5)(c) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to set aside the decision of the Committee of Creditors (CoC) to reject its resolution plan. The CoC rejected Liberty House's plan because it was submitted after the deadline. The main application, CP No.(IB) 202 PB of 2017, was filed by Punjab National Bank against Bhushan Power and Steel Limited ('BPSL') under section 7 of the IBC for initiating Corporate Insolvency Resolution Process (CIRP) due to a significant default. The application was admitted on 26.07.2017, and Mr. Mahender Khandelwal was appointed as Interim Resolution Professional (IRP/RP). The admission order declared a moratorium. The
…Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Bhushan Power & Steel Limited (BPSL) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 26.07.2017, with Mr. Mahender Khandelwal appointed as the Interim Resolution Professional (IRP). A public notice was issued inviting expressions of interest (EOI) from prospective resolution applicants. The last date for submitting qualification documents was 06.10.2017. Liberty House submitted its EOI on 13.11.2017, after the deadline. The Resolution Professional (RP) requested Liberty House to submit various documents, including audited financial statements, Memorandum of Association, and a confidentiality undertaking. Liberty House failed to provide
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement of…