The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, KMG ATOZ Systems Private Limited. The Financial Creditor, Oriental Bank of Commerce, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. This application was admitted by the Tribunal on 06.08.2019, initiating CIRP, and Mr. Sandeep Kumar Bhatt was appointed as the Interim Resolution Professional (IRP).
Oriental Bank of Commerce, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against KMG ATOZ System Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 06.08.2019, and Mr. Sandeep Kumar Bhatt was appointed as the Interim Resolution Professional (IRP). The Promoter-Directors of the Corporate Debtor proposed a resolution plan with a value of Rs. 12.75 Crores, while the liquidation value was estimated at Rs. 9 Crores. The Corporate Debtor also had a pending arbitration claim of Rs. 280 Crores. The Committee of Creditors (CoC), consisting of Punjab National Bank (80% voting share) and Canara Bank (15% voting share), decided to proceed with
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Oriental Bank of Commerce filed an…
The Tribunal admitted the application filed by…
The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, KMG ATOZ Systems Private Limited. The Financial Creditor, Oriental Bank of Commerce, had previously filed an application under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. This application was admitted by the Tribunal on 06.08.2019, initiating CIRP, and Mr. Sandeep Kumar Bhatt was appointed as the Interim Resolution Professional (IRP).
Oriental Bank of Commerce, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against KMG ATOZ System Private Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 06.08.2019, and Mr. Sandeep Kumar Bhatt was appointed as the Interim Resolution Professional (IRP). The Promoter-Directors of the Corporate Debtor proposed a resolution plan with a value of Rs. 12.75 Crores, while the liquidation value was estimated at Rs. 9 Crores. The Corporate Debtor also had a pending arbitration claim of Rs. 280 Crores. The Committee of Creditors (CoC), consisting of Punjab National Bank (80% voting share) and Canara Bank (15% voting share), decided to proceed with
…Oriental Bank of Commerce filed an…
The Tribunal admitted the application filed by…