The case involves an application filed by the Resolution Professional (RP) of Coral Infragold Private Limited ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code 2016 ('IBC'), seeking waivers and relaxations of certain compliances. The Corporate Insolvency Resolution Process (CIRP) was initiated by AU Small Finance Bank ('Financial Creditor') under Section 7 of the IBC. The application was admitted under a reverse CIRP mechanism, focusing on a specific real estate project, Coral Radha Krishna. The Adjudicating Authority had previously given directions to facilitate the reverse CIRP process. The RP faced non-cooperation from the suspended board of directors and sought clarification on compliances in the context of reverse CIRP.
AU Small Finance Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Coral Infragold Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted under a reverse CIRP mechanism, focusing on the real estate project Coral Radha Krishna. Mahesh Chandra Purohit was appointed as the Resolution Professional (RP). The RP filed an application seeking waivers and relaxations from certain compliances under the IBC, citing non-cooperation from the suspended board of directors and challenges in applying standard CIRP procedures in a reverse CIRP context. The RP also highlighted issues related to operational creditors' claims and the need for clarification on the treatment of these claims. The Committee of
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The Adjudicating Authority admitted the…
The financing plan submitted by Mr. Mahendra…
The case involves an application filed by the Resolution Professional (RP) of Coral Infragold Private Limited ('Corporate Debtor') under Section 60(5) of the Insolvency and Bankruptcy Code 2016 ('IBC'), seeking waivers and relaxations of certain compliances. The Corporate Insolvency Resolution Process (CIRP) was initiated by AU Small Finance Bank ('Financial Creditor') under Section 7 of the IBC. The application was admitted under a reverse CIRP mechanism, focusing on a specific real estate project, Coral Radha Krishna. The Adjudicating Authority had previously given directions to facilitate the reverse CIRP process. The RP faced non-cooperation from the suspended board of directors and sought clarification on compliances in the context of reverse CIRP.
AU Small Finance Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Coral Infragold Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted under a reverse CIRP mechanism, focusing on the real estate project Coral Radha Krishna. Mahesh Chandra Purohit was appointed as the Resolution Professional (RP). The RP filed an application seeking waivers and relaxations from certain compliances under the IBC, citing non-cooperation from the suspended board of directors and challenges in applying standard CIRP procedures in a reverse CIRP context. The RP also highlighted issues related to operational creditors' claims and the need for clarification on the treatment of these claims. The Committee of
…The Adjudicating Authority admitted the…
The financing plan submitted by Mr. Mahendra…