Power Finance Corporation Limited initiated corporate insolvency resolution process (CIRP) against KVK Nilachal Power Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-09-17, and Mr. Rajendra Prasad Tak was appointed as the Interim Resolution Professional (IRP). During the CIRP, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% votes in their meeting held on 2020-03-16 and 2020-03-17, as no resolution plan was received. The Resolution Professional was authorized to file an application before the NCLT, Hyderabad Bench, for liquidation.
Power Finance Corporation Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KVK Nilachal Power Private Limited (Corporate Debtor). The application was admitted on 2019-09-17, and Mr. Rajendra Prasad Tak was appointed as the Interim Resolution Professional. In the first CoC meeting held on 2019-10-21, the Applicant was confirmed as the Resolution Professional. In the 8th CoC meeting held on 2020-03-16 and 2020-03-17, the CoC with 100% votes resolved for liquidation of the Corporate Debtor and to continue the RP as Liquidator. The CoC decided not to seek an extension of the CIRP period. No resolution plan was received under Section 30(6) of the I&B Code, 2016.
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CP(IB)No.328/7/HDB/2018…
Application under…
Power Finance Corporation Limited initiated corporate insolvency resolution process (CIRP) against KVK Nilachal Power Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-09-17, and Mr. Rajendra Prasad Tak was appointed as the Interim Resolution Professional (IRP). During the CIRP, the Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% votes in their meeting held on 2020-03-16 and 2020-03-17, as no resolution plan was received. The Resolution Professional was authorized to file an application before the NCLT, Hyderabad Bench, for liquidation.
Power Finance Corporation Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KVK Nilachal Power Private Limited (Corporate Debtor). The application was admitted on 2019-09-17, and Mr. Rajendra Prasad Tak was appointed as the Interim Resolution Professional. In the first CoC meeting held on 2019-10-21, the Applicant was confirmed as the Resolution Professional. In the 8th CoC meeting held on 2020-03-16 and 2020-03-17, the CoC with 100% votes resolved for liquidation of the Corporate Debtor and to continue the RP as Liquidator. The CoC decided not to seek an extension of the CIRP period. No resolution plan was received under Section 30(6) of the I&B Code, 2016.
CP(IB)No.328/7/HDB/2018…
Application under…