The case involves an application for the liquidation of Jas Infrastructure And Power Limited, a corporate debtor, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier based on an application by Punjab National Bank, a financial creditor, due to a default in paying a financial debt of Rs. 689,19,83,028.19. Despite efforts by the Resolution Professional (RP), no resolution plan was received, leading the Committee of Creditors (CoC) to vote in favor of liquidation with a 98.45% voting share.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jas Infrastructure And Power Limited due to a default of Rs. 689,19,83,028.19. The CIRP was initiated on 16th October 2019. Animesh Mukhopadhyay was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts, no resolution plan was received. The Committee of Creditors (CoC) voted with 98.45% share in favor of liquidation. The CoC also proposed Sajjan Kumar Dokania as the liquidator, but the RP was unwilling to continue due to a proposed reduction in fees. The suspended board of directors objected to the liquidation, claiming the initial application was barred by limitation, arguing that the debt was declared NPA on
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The case involves an application for the liquidation of Jas Infrastructure And Power Limited, a corporate debtor, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier based on an application by Punjab National Bank, a financial creditor, due to a default in paying a financial debt of Rs. 689,19,83,028.19. Despite efforts by the Resolution Professional (RP), no resolution plan was received, leading the Committee of Creditors (CoC) to vote in favor of liquidation with a 98.45% voting share.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Jas Infrastructure And Power Limited due to a default of Rs. 689,19,83,028.19. The CIRP was initiated on 16th October 2019. Animesh Mukhopadhyay was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts, no resolution plan was received. The Committee of Creditors (CoC) voted with 98.45% share in favor of liquidation. The CoC also proposed Sajjan Kumar Dokania as the liquidator, but the RP was unwilling to continue due to a proposed reduction in fees. The suspended board of directors objected to the liquidation, claiming the initial application was barred by limitation, arguing that the debt was declared NPA on
…The Insolven…
Application fil…