The case involves an application filed by the Resolution Professional (RP) of M/s. Clover Forging and Machining Private Limited under Sections 33(1)(a) and 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order to initiate the liquidation process for the Corporate Debtor. The Financial Creditor, Corporation Bank, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 04.12.2018. Mr. Rohit Mehra was appointed as the Interim Resolution Professional (IRP).
The Financial Creditor, Corporation Bank, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Clover Forging and Machining Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 04.12.2018. Rohit Mehra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited expressions of interest (EOIs) for resolution plans, but only four EOIs were received. Deccan Value Investors LP (DVI) expressed interest and submitted an offer, but the Committee of Creditors (CoC) rejected it because the offer of Rs.39 Crore was lower than the liquidation value of Rs.47 Crore and did not comply with the Code. The CoC decided on 13.11.2019, followed by
…Sign in to view the parties.
The Tribunal admitted the application filed by…
Mr. Rohit Mehra was…
The case involves an application filed by the Resolution Professional (RP) of M/s. Clover Forging and Machining Private Limited under Sections 33(1)(a) and 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order to initiate the liquidation process for the Corporate Debtor. The Financial Creditor, Corporation Bank, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 04.12.2018. Mr. Rohit Mehra was appointed as the Interim Resolution Professional (IRP).
The Financial Creditor, Corporation Bank, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Clover Forging and Machining Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 04.12.2018. Rohit Mehra was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited expressions of interest (EOIs) for resolution plans, but only four EOIs were received. Deccan Value Investors LP (DVI) expressed interest and submitted an offer, but the Committee of Creditors (CoC) rejected it because the offer of Rs.39 Crore was lower than the liquidation value of Rs.47 Crore and did not comply with the Code. The CoC decided on 13.11.2019, followed by
…The Tribunal admitted the application filed by…
Mr. Rohit Mehra was…