Indian Overseas Bank, the Financial Creditor, filed a petition against D.C. Industrial Plant Services Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged outstanding amount of Rs. 151,19,77,120.91. The Adjudicating Authority (AA) admitted the application and declared a moratorium. An Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP).
Indian Overseas Bank (IOB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against D.C. Industrial Plant Services Pvt. Ltd. (DCIPS) for initiating CIRP due to an outstanding debt of Rs. 151,19,77,120.91. The Adjudicating Authority admitted the application and declared a moratorium. Mrs. Savita Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP sought an extension of the CIRP period, which was granted. The Committee of Creditors (CoC) rejected the Resolution Plan with a 100% majority vote, but failed to provide reasons for the rejection. The INTTUC Workers Union filed an application seeking directions for considering a resolution plan and for the possibility of
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Adjudicating Authority…
The RP during the course of hearing prayed for…
Indian Overseas Bank, the Financial Creditor, filed a petition against D.C. Industrial Plant Services Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on an alleged outstanding amount of Rs. 151,19,77,120.91. The Adjudicating Authority (AA) admitted the application and declared a moratorium. An Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP).
Indian Overseas Bank (IOB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against D.C. Industrial Plant Services Pvt. Ltd. (DCIPS) for initiating CIRP due to an outstanding debt of Rs. 151,19,77,120.91. The Adjudicating Authority admitted the application and declared a moratorium. Mrs. Savita Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP sought an extension of the CIRP period, which was granted. The Committee of Creditors (CoC) rejected the Resolution Plan with a 100% majority vote, but failed to provide reasons for the rejection. The INTTUC Workers Union filed an application seeking directions for considering a resolution plan and for the possibility of
…Adjudicating Authority…
The RP during the course of hearing prayed for…