The application was moved seeking the liquidation of the Corporate Debtor (CD) by the Resolution Professional based on the recommendations of the Committee of Creditors (CoC). The CIRP was initiated against the CD by the Tribunal vide order dated 21.7.2017. The first CoC meeting was held on 15.9.2017, where it was decided to extend the term of the Resolution Professional. The appointment of the Resolution Professional was further extended in the second CoC meeting held on 12.10.2017. Five status reports were filed reporting about the happenings during the CIRP of the CD. Claims were received from 4 Financial Creditors. At the conclusion of the CIRP period, out of 26 claims of Operational Creditors filed, 15 claims were admitted, and the rest were rejected due to
…IndusInd Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Gallium Industries Limited. The Resolution Professional (RP) was appointed and the Committee of Creditors (CoC) was formed. Several CoC meetings were held, and the CIRP period was extended. Claims were invited from creditors, and some claims were admitted while others were rejected. Two notices inviting Expression of Interest (EoI) were published, and one Resolution Applicant submitted a resolution plan. However, the CoC rejected the resolution plan. The RP filed a final status report recommending liquidation. The fair value and liquidation value of the assets were determined. The CoC unanimously recommended liquidation, and no application was filed challenging the CoC's decision.
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CIRP was initiated…
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The application was moved seeking the liquidation of the Corporate Debtor (CD) by the Resolution Professional based on the recommendations of the Committee of Creditors (CoC). The CIRP was initiated against the CD by the Tribunal vide order dated 21.7.2017. The first CoC meeting was held on 15.9.2017, where it was decided to extend the term of the Resolution Professional. The appointment of the Resolution Professional was further extended in the second CoC meeting held on 12.10.2017. Five status reports were filed reporting about the happenings during the CIRP of the CD. Claims were received from 4 Financial Creditors. At the conclusion of the CIRP period, out of 26 claims of Operational Creditors filed, 15 claims were admitted, and the rest were rejected due to
…IndusInd Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Gallium Industries Limited. The Resolution Professional (RP) was appointed and the Committee of Creditors (CoC) was formed. Several CoC meetings were held, and the CIRP period was extended. Claims were invited from creditors, and some claims were admitted while others were rejected. Two notices inviting Expression of Interest (EoI) were published, and one Resolution Applicant submitted a resolution plan. However, the CoC rejected the resolution plan. The RP filed a final status report recommending liquidation. The fair value and liquidation value of the assets were determined. The CoC unanimously recommended liquidation, and no application was filed challenging the CoC's decision.
…CIRP was initiated…
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