The case involves an application filed by the Resolution Professional (RP) of M/s. COS BOARD INDUSTRIES LIMITED, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The RP sought directions from the National Company Law Tribunal (NCLT) to The New India Assurance Company Limited to release an insurance claim related to damages caused by a super cyclone before the initiation of CIRP. The RP argued that the insurance company was delaying the claim and requesting documents that are prohibited under IBBI regulations. The insurance company contended that the RP had not provided necessary documents for processing the claim.
M/s. COS BOARD INDUSTRIES LIMITED, the Corporate Debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-12-16 by the National Company Law Tribunal (NCLT), Orissa Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made as per Section 15 of the IBC. The RP discovered a pending insurance claim of Rs. 15.47 Crores with The New India Assurance Company Limited against Policy No. 61020011190100000007, effective from 2019-04-03 to 2020-04-02, for an assured sum of Rs. 57,54,00,000/-, related to damages from a super cyclone on 2019-05-03. The RP visited the insurance
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A super cyclone caused…
The Corporate Debtor was admitted into…
The case involves an application filed by the Resolution Professional (RP) of M/s. COS BOARD INDUSTRIES LIMITED, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The RP sought directions from the National Company Law Tribunal (NCLT) to The New India Assurance Company Limited to release an insurance claim related to damages caused by a super cyclone before the initiation of CIRP. The RP argued that the insurance company was delaying the claim and requesting documents that are prohibited under IBBI regulations. The insurance company contended that the RP had not provided necessary documents for processing the claim.
M/s. COS BOARD INDUSTRIES LIMITED, the Corporate Debtor, was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-12-16 by the National Company Law Tribunal (NCLT), Orissa Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC). Mr. Umesh Chandra Sahoo was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made as per Section 15 of the IBC. The RP discovered a pending insurance claim of Rs. 15.47 Crores with The New India Assurance Company Limited against Policy No. 61020011190100000007, effective from 2019-04-03 to 2020-04-02, for an assured sum of Rs. 57,54,00,000/-, related to damages from a super cyclone on 2019-05-03. The RP visited the insurance
…A super cyclone caused…
The Corporate Debtor was admitted into…