M/s. Origin Formulations Private Limited filed C.P (IB) No. 155/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Fab Pharmaceuticals Private Limited (Corporate Debtor) due to a default of Rs. 21,93,392. The Adjudicating Authority admitted the case on September 19, 2019, initiating CIRP and appointing S. Shivaswamy as IRP. Public announcement was made, and creditors were called to submit claims. HDFC Bank (Financial Creditor) and Ravikumar Karigowda (on behalf of Commercial Tax Department) submitted claims. A Committee of Creditors (COC) was formed with HDFC as the sole financial creditor. The COC decided to confirm the IRP as RP and confirmed the freezing of the Corporate Debtor's account. The HDFC Bank later informed that the Corporate
…M/s. Origin Formulations Private Limited initiated CIRP against M/s. Fab Pharmaceuticals Private Limited due to a default of Rs. 21,93,392. The Adjudicating Authority admitted the case on September 19, 2019, initiating CIRP and appointing S. Shivaswamy as IRP. HDFC Bank, the sole Financial Creditor, later categorized the Corporate Debtor's account as a standard asset and was not in favor of continuing CIRP. The Corporate Debtor expressed willingness to settle the dues of the Operational Creditor and CIRP expenses. The Operational Creditor had also initiated CIRP proceedings before the NCLT, Ahmedabad Bench, as a Corporate Debtor. The Operational Creditor did not participate in the video conference. The Corporate Debtor is solvent and has expressed willingness to settle
…Sign in to view the parties.
The Adjudicating Authority admitted the…
The Interim Resolution Professional made a…
M/s. Origin Formulations Private Limited filed C.P (IB) No. 155/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Fab Pharmaceuticals Private Limited (Corporate Debtor) due to a default of Rs. 21,93,392. The Adjudicating Authority admitted the case on September 19, 2019, initiating CIRP and appointing S. Shivaswamy as IRP. Public announcement was made, and creditors were called to submit claims. HDFC Bank (Financial Creditor) and Ravikumar Karigowda (on behalf of Commercial Tax Department) submitted claims. A Committee of Creditors (COC) was formed with HDFC as the sole financial creditor. The COC decided to confirm the IRP as RP and confirmed the freezing of the Corporate Debtor's account. The HDFC Bank later informed that the Corporate
…M/s. Origin Formulations Private Limited initiated CIRP against M/s. Fab Pharmaceuticals Private Limited due to a default of Rs. 21,93,392. The Adjudicating Authority admitted the case on September 19, 2019, initiating CIRP and appointing S. Shivaswamy as IRP. HDFC Bank, the sole Financial Creditor, later categorized the Corporate Debtor's account as a standard asset and was not in favor of continuing CIRP. The Corporate Debtor expressed willingness to settle the dues of the Operational Creditor and CIRP expenses. The Operational Creditor had also initiated CIRP proceedings before the NCLT, Ahmedabad Bench, as a Corporate Debtor. The Operational Creditor did not participate in the video conference. The Corporate Debtor is solvent and has expressed willingness to settle
…The Adjudicating Authority admitted the…
The Interim Resolution Professional made a…