Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Divyajyoti Sponge Iron Pvt Ltd under Section 7 of the IBC. The Resolution Professional (RP) filed CA (IB) No. 570/KB/2017 seeking orders for the Superintendent of Police to provide necessary assistance for valuation of the corporate debtor's assets. The promoter-director opposed the valuation, citing a pending challenge to the 3rd valuation before the NCLT. The court addressed the promoter-director's obstruction of the valuation process.
Punjab National Bank initiated CIRP against Divyajyoti Sponge Iron Pvt Ltd. The Resolution Professional (RP) filed an application (CA (IB) No. 570/KB/2017) seeking necessary orders for the Superintendent of Police to provide assistance for the valuation of the corporate debtor's assets. The promoter-director opposed the valuation, stating that a challenge to the 3rd valuation was pending before the NCLT. The promoter-director expressed unwillingness to allow anyone inside the factory connected with valuation without prior intimation of the names of COC personnel. The RP argued that the promoter-director's actions were obstructing the CIRP. The court noted that after the appointment of the IRP, the management of the corporate debtor vests in the IRP, and the
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Hearing on CA (IB) No. 570/KB/2017 in C.P.…
Matter list…
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Divyajyoti Sponge Iron Pvt Ltd under Section 7 of the IBC. The Resolution Professional (RP) filed CA (IB) No. 570/KB/2017 seeking orders for the Superintendent of Police to provide necessary assistance for valuation of the corporate debtor's assets. The promoter-director opposed the valuation, citing a pending challenge to the 3rd valuation before the NCLT. The court addressed the promoter-director's obstruction of the valuation process.
Punjab National Bank initiated CIRP against Divyajyoti Sponge Iron Pvt Ltd. The Resolution Professional (RP) filed an application (CA (IB) No. 570/KB/2017) seeking necessary orders for the Superintendent of Police to provide assistance for the valuation of the corporate debtor's assets. The promoter-director opposed the valuation, stating that a challenge to the 3rd valuation was pending before the NCLT. The promoter-director expressed unwillingness to allow anyone inside the factory connected with valuation without prior intimation of the names of COC personnel. The RP argued that the promoter-director's actions were obstructing the CIRP. The court noted that after the appointment of the IRP, the management of the corporate debtor vests in the IRP, and the
…Hearing on CA (IB) No. 570/KB/2017 in C.P.…
Matter list…