The case involves Corporate Insolvency Resolution Process (CIRP) initiated against Kushal International Ltd. (KIL) by Jammu & Kashmir Bank Ltd. The Adjudicating Authority commenced CIRP on 08.05.2018, appointing an Interim Resolution Professional (IRP). Several applications were filed, including those for liquidation, stay of CIRP, and removal of the RP. The Committee of Creditors (CoC), consisting of only one financial creditor, resolved to liquidate the company due to non-cooperation from the suspended directors in providing necessary financial data and information. The RP filed an application for liquidation, and the suspended directors filed applications seeking stay of CIRP and removal of the RP, alleging bias and inaction. The NCLT considered these
…The Jammu & Kashmir Bank Ltd. initiated CIRP against Kushal International Ltd. (KIL) under Section 7 of the I&B Code. The NCLT commenced CIRP on 08.05.2018, appointing an IRP. The IRP took possession of the Corporate Debtor's assets and sought information from the suspended directors, statutory auditor, and other parties. The suspended directors allegedly did not fully cooperate in providing the required information. The CoC, consisting of only one financial creditor (J&K Bank), resolved to liquidate the company due to the lack of a resolution plan and non-cooperation from the directors. The RP filed an application for liquidation, while the suspended directors filed applications seeking stay of CIRP and removal of the RP, alleging bias and inaction. The
…Sign in to view the parties.
NCLT appointed Interim…
Public announcement made in Amar Ujala…
The case involves Corporate Insolvency Resolution Process (CIRP) initiated against Kushal International Ltd. (KIL) by Jammu & Kashmir Bank Ltd. The Adjudicating Authority commenced CIRP on 08.05.2018, appointing an Interim Resolution Professional (IRP). Several applications were filed, including those for liquidation, stay of CIRP, and removal of the RP. The Committee of Creditors (CoC), consisting of only one financial creditor, resolved to liquidate the company due to non-cooperation from the suspended directors in providing necessary financial data and information. The RP filed an application for liquidation, and the suspended directors filed applications seeking stay of CIRP and removal of the RP, alleging bias and inaction. The NCLT considered these
…The Jammu & Kashmir Bank Ltd. initiated CIRP against Kushal International Ltd. (KIL) under Section 7 of the I&B Code. The NCLT commenced CIRP on 08.05.2018, appointing an IRP. The IRP took possession of the Corporate Debtor's assets and sought information from the suspended directors, statutory auditor, and other parties. The suspended directors allegedly did not fully cooperate in providing the required information. The CoC, consisting of only one financial creditor (J&K Bank), resolved to liquidate the company due to the lack of a resolution plan and non-cooperation from the directors. The RP filed an application for liquidation, while the suspended directors filed applications seeking stay of CIRP and removal of the RP, alleging bias and inaction. The
…NCLT appointed Interim…
Public announcement made in Amar Ujala…