The case involves an application for the dissolution of New Tech Forge & Foundry Limited under Section 54(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 29.05.2017, and Mr. Arun Kumar Malani was appointed as Interim Resolution Professional. Subsequently, Mr. Premraj Ramratan Laddha replaced him as Resolution Professional. The Committee of Creditors (CoC) voted in favor of liquidating the Corporate Debtor under Section 33(2) of the IBC, and the Resolution Professional was appointed as Liquidator under Section 34(1). The liquidator took steps to liquidate the assets, including publishing public announcements, preparing stakeholder lists, and conducting e-auction sales.
…New Tech Forge & Foundry Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 29.05.2017. Premraj Ramratan Laddha was appointed as the Resolution Professional, later becoming the Liquidator. The Committee of Creditors (CoC) decided to liquidate the company under Section 33(2) of the Insolvency and Bankruptcy Code (IBC). The liquidator published announcements, prepared stakeholder lists, and conducted e-auction sales. An e-auction was conducted, and M/s.Haq Steel & Metallik Private Ltd. purchased the factory premises for Rs.35.70 Crores. The liquidator distributed Rs.35 Crores to secured creditors, including State Bank of India, Oriental Bank of Commerce, and Corporation Bank. The State Tax Officer filed appeals challenging the
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Corporate Insolvency…
Mr. Arun Kumar Malani…
The case involves an application for the dissolution of New Tech Forge & Foundry Limited under Section 54(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 29.05.2017, and Mr. Arun Kumar Malani was appointed as Interim Resolution Professional. Subsequently, Mr. Premraj Ramratan Laddha replaced him as Resolution Professional. The Committee of Creditors (CoC) voted in favor of liquidating the Corporate Debtor under Section 33(2) of the IBC, and the Resolution Professional was appointed as Liquidator under Section 34(1). The liquidator took steps to liquidate the assets, including publishing public announcements, preparing stakeholder lists, and conducting e-auction sales.
…New Tech Forge & Foundry Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 29.05.2017. Premraj Ramratan Laddha was appointed as the Resolution Professional, later becoming the Liquidator. The Committee of Creditors (CoC) decided to liquidate the company under Section 33(2) of the Insolvency and Bankruptcy Code (IBC). The liquidator published announcements, prepared stakeholder lists, and conducted e-auction sales. An e-auction was conducted, and M/s.Haq Steel & Metallik Private Ltd. purchased the factory premises for Rs.35.70 Crores. The liquidator distributed Rs.35 Crores to secured creditors, including State Bank of India, Oriental Bank of Commerce, and Corporation Bank. The State Tax Officer filed appeals challenging the
…Corporate Insolvency…
Mr. Arun Kumar Malani…