The case involves an application filed by 44 Noida Infratech (Two) Pvt. Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on a loan of Rs. 45,20,00,000/-. The application was initially admitted, and CIRP was started. However, it was discovered that the Corporate Debtor's name had been struck off the register of companies by the RoC due to non-submission of financial statements for two consecutive years. The Resolution Professional (RP) sought permission to restore the company's name but was allowed to proceed with CIRP despite this. The CIRP period of 180
…44 Noida Infratech (Two) Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, claiming a default of Rs. 45,20,00,000/-. Falcon Consultancy Private Limited is the Corporate Debtor. The application was initially admitted, and CIRP was initiated. The Corporate Debtor's name was struck off the register of companies by the RoC due to non-compliance with financial statement submission requirements. The Resolution Professional (RP) did not obtain a valuation of the Corporate Debtor's assets, which included 50 acres of industrial land. The RP also failed to publish a notice calling for Expression of Interest (Eol) or seek an extension of the CIRP period. The Committee of Creditors (CoC)
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RoC, Orissa passed an order striking off the…
The authority admitted the application and…
The case involves an application filed by 44 Noida Infratech (Two) Pvt. Ltd., the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted on a loan of Rs. 45,20,00,000/-. The application was initially admitted, and CIRP was started. However, it was discovered that the Corporate Debtor's name had been struck off the register of companies by the RoC due to non-submission of financial statements for two consecutive years. The Resolution Professional (RP) sought permission to restore the company's name but was allowed to proceed with CIRP despite this. The CIRP period of 180
…44 Noida Infratech (Two) Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Falcon Consultancy Private Limited, claiming a default of Rs. 45,20,00,000/-. Falcon Consultancy Private Limited is the Corporate Debtor. The application was initially admitted, and CIRP was initiated. The Corporate Debtor's name was struck off the register of companies by the RoC due to non-compliance with financial statement submission requirements. The Resolution Professional (RP) did not obtain a valuation of the Corporate Debtor's assets, which included 50 acres of industrial land. The RP also failed to publish a notice calling for Expression of Interest (Eol) or seek an extension of the CIRP period. The Committee of Creditors (CoC)
…RoC, Orissa passed an order striking off the…
The authority admitted the application and…