The case pertains to the insolvency resolution of Hind Motors India Limited. The corporate insolvency resolution process (CIRP) was initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. An interim resolution professional (IRP), Mr. Krishan Vrind Jain, was appointed, and a moratorium was declared. The Committee of Creditors (CoC) was constituted, and several meetings were held to consider a resolution plan. The resolution plan proposed by Mr. Ashish Mohan Gupta was rejected by the CoC. The CoC recommended the company for liquidation due to the rejection of the resolution plan and informed the NCLT Chandigarh Bench accordingly.
Hind Motors India Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Krishan Vrind Jain was appointed as the Interim Resolution Professional (IRP). A moratorium was declared under Section 14 of the IBC. The Committee of Creditors (CoC) was formed, comprising Union Bank of India, ICICI Bank, SIDBI, and Fixed Deposit holders. Multiple CoC meetings were held between April and September 2017. A resolution plan proposed by Mr. Ashish Mohan Gupta was rejected by the CoC due to a lack of appropriate funding sources and non-compliance with IBC guidelines. The CoC, with 78.49% voting share, recommended liquidation. Mr. Gupta was in custody due to an FIR. The 180-day CIRP period expired on
…Sign in to view the parties.
CP (IB) NO. 06/Chd/2017 filed under Section 10…
Moratorium declared in…
The case pertains to the insolvency resolution of Hind Motors India Limited. The corporate insolvency resolution process (CIRP) was initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. An interim resolution professional (IRP), Mr. Krishan Vrind Jain, was appointed, and a moratorium was declared. The Committee of Creditors (CoC) was constituted, and several meetings were held to consider a resolution plan. The resolution plan proposed by Mr. Ashish Mohan Gupta was rejected by the CoC. The CoC recommended the company for liquidation due to the rejection of the resolution plan and informed the NCLT Chandigarh Bench accordingly.
Hind Motors India Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Krishan Vrind Jain was appointed as the Interim Resolution Professional (IRP). A moratorium was declared under Section 14 of the IBC. The Committee of Creditors (CoC) was formed, comprising Union Bank of India, ICICI Bank, SIDBI, and Fixed Deposit holders. Multiple CoC meetings were held between April and September 2017. A resolution plan proposed by Mr. Ashish Mohan Gupta was rejected by the CoC due to a lack of appropriate funding sources and non-compliance with IBC guidelines. The CoC, with 78.49% voting share, recommended liquidation. Mr. Gupta was in custody due to an FIR. The 180-day CIRP period expired on
…CP (IB) NO. 06/Chd/2017 filed under Section 10…
Moratorium declared in…