Uco Bank, a financial creditor, filed an application CP(IB)No.513/KB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against BRG Iron and Steel Co. Private Limited, the corporate debtor. The application was admitted on March 5, 2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). The RP failed to get any resolution plan approved by the Committee of Creditors (CoC) and filed a Final Progress Report on January 30, 2020, recommending liquidation.
Uco Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BRG Iron and Steel Co. Private Limited. The application was admitted on March 5, 2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). Later, he was appointed as the Resolution Professional (RP). The RP published notices inviting resolution plans, and several prospective resolution applicants expressed interest, including Jindal Stainless (Hissar) Limited and Rimjhim Ispat Limited. Jindal Stainless's plan was found non-compliant with Section 30(2) of the Code. The Committee of Creditors (CoC) considered a modified plan from Rimjhim Ispat Limited, but it was rejected with
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Uco Bank filed…
The application was…
Uco Bank, a financial creditor, filed an application CP(IB)No.513/KB/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process against BRG Iron and Steel Co. Private Limited, the corporate debtor. The application was admitted on March 5, 2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). The RP failed to get any resolution plan approved by the Committee of Creditors (CoC) and filed a Final Progress Report on January 30, 2020, recommending liquidation.
Uco Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BRG Iron and Steel Co. Private Limited. The application was admitted on March 5, 2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). Later, he was appointed as the Resolution Professional (RP). The RP published notices inviting resolution plans, and several prospective resolution applicants expressed interest, including Jindal Stainless (Hissar) Limited and Rimjhim Ispat Limited. Jindal Stainless's plan was found non-compliant with Section 30(2) of the Code. The Committee of Creditors (CoC) considered a modified plan from Rimjhim Ispat Limited, but it was rejected with
…Uco Bank filed…
The application was…