Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Firestar International Limited. The petition was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the appointment of Mr. Ram Ratan Kanoongo as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, and two meetings were held. In the first meeting, a proposal to confirm the IRP as the Resolution Professional (RP) and fix his fees was not passed due to the lack of the required voting majority. In the second meeting, the CoC decided to pursue liquidation based on the lack of business prospects, insufficient assets, and the infeasibility of a resolution plan. An E-Voting concluded with a 93.31% majority in favor of liquidation.

Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Firestar International Limited. The petition was admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the appointment of Mr. Ram Ratan Kanoongo as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, and two meetings were held. In the first meeting, a proposal to confirm the IRP as the Resolution Professional (RP) and fix his fees was not passed due to the lack of the required voting majority. In the second meeting, the CoC decided to pursue liquidation based on the lack of business prospects, insufficient assets, and the infeasibility of a resolution plan. An E-Voting concluded with a 93.31% majority in favor of liquidation.