The case pertains to the insolvency resolution process of M/s. Hind Motors Mohali Private Limited initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The insolvency resolution process was admitted on 20.02.2017, and a moratorium was declared. Mr. Manik Goyal was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC). In a CoC meeting, it was decided to replace Mr. Manik Goyal with another Resolution Professional. Mr. Krishan Vrind Jain was appointed as the Resolution Professional, and his appointment was confirmed by the IBBI. The CoC resolved to recommend the company for liquidation due to its non-working status and lack of a viable resolution plan. The resolution plan submitted by Mr. Ashish
…M/s. Hind Motors Mohali Private Limited underwent insolvency resolution under Section 10 of the Insolvency and Bankruptcy Code, 2016. The insolvency process commenced on 20.02.2017. Mr. Manik Goyal initially served as the Interim Resolution Professional, later replaced by Mr. Krishan Vrind Jain. Union Bank of India was the sole financial creditor. A resolution plan submitted by Mr. Ashish Mohan Gupta was rejected by Union Bank of India due to a lack of firm commitment for loan sanction. The Committee of Creditors, holding 100% voting share, resolved for liquidation. The company was reported to be a non-working unit with no apparent cash flow. The 180-day resolution period expired on 19.08.2017. The financial creditor, Union Bank of India, had a claim of ₹3.51 crores,
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The insolvency…
Mr. Manik Goyal, the…
The case pertains to the insolvency resolution process of M/s. Hind Motors Mohali Private Limited initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The insolvency resolution process was admitted on 20.02.2017, and a moratorium was declared. Mr. Manik Goyal was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC). In a CoC meeting, it was decided to replace Mr. Manik Goyal with another Resolution Professional. Mr. Krishan Vrind Jain was appointed as the Resolution Professional, and his appointment was confirmed by the IBBI. The CoC resolved to recommend the company for liquidation due to its non-working status and lack of a viable resolution plan. The resolution plan submitted by Mr. Ashish
…M/s. Hind Motors Mohali Private Limited underwent insolvency resolution under Section 10 of the Insolvency and Bankruptcy Code, 2016. The insolvency process commenced on 20.02.2017. Mr. Manik Goyal initially served as the Interim Resolution Professional, later replaced by Mr. Krishan Vrind Jain. Union Bank of India was the sole financial creditor. A resolution plan submitted by Mr. Ashish Mohan Gupta was rejected by Union Bank of India due to a lack of firm commitment for loan sanction. The Committee of Creditors, holding 100% voting share, resolved for liquidation. The company was reported to be a non-working unit with no apparent cash flow. The 180-day resolution period expired on 19.08.2017. The financial creditor, Union Bank of India, had a claim of ₹3.51 crores,
…The insolvency…
Mr. Manik Goyal, the…