The application IA/587/IB/2020 was filed in IBA/257/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. MK Cables and Conductors Private Limited. The CIRP was initiated on 2019-07-30. An interim resolution professional, Mr. R. Sankaran, was appointed, but later replaced by Mr. Ramakrishnan Sadasivan. The appointment of Mr. Ramakrishnan Sadasivan was confirmed by the Tribunal on 2019-10-09. Prior to the applicant's appointment as RP, claims were invited, resulting in Rs. 5.37 crore from one financial creditor and Rs. 1.67 crore from three operational creditors, totaling Rs. 7.04 crore. The applicant inspected the factory premises and took possession of the assets. The sole financial creditor, Punjab
…M/s. MK Cables and Conductors Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-07-30. Mr. R. Sankaran was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Ramakrishnan Sadasivan, whose appointment was confirmed by the Tribunal on 2019-10-09. Prior to the RP's appointment, claims amounting to Rs. 5.37 crore were received from one financial creditor and Rs. 1.67 crore from three operational creditors, totaling Rs. 7.04 crore. The applicant inspected the factory premises and took possession of the assets. Punjab National Bank, the sole financial creditor, initiated proceedings under the SARFAESI Act, leading to an auction of land and building. The Corporate Debtor challenged this
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Corporate Insolvency Resolution Process…
Committee of Creditors (CoC) unanimously…
The application IA/587/IB/2020 was filed in IBA/257/2019 under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, M/s. MK Cables and Conductors Private Limited. The CIRP was initiated on 2019-07-30. An interim resolution professional, Mr. R. Sankaran, was appointed, but later replaced by Mr. Ramakrishnan Sadasivan. The appointment of Mr. Ramakrishnan Sadasivan was confirmed by the Tribunal on 2019-10-09. Prior to the applicant's appointment as RP, claims were invited, resulting in Rs. 5.37 crore from one financial creditor and Rs. 1.67 crore from three operational creditors, totaling Rs. 7.04 crore. The applicant inspected the factory premises and took possession of the assets. The sole financial creditor, Punjab
…M/s. MK Cables and Conductors Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 2019-07-30. Mr. R. Sankaran was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Ramakrishnan Sadasivan, whose appointment was confirmed by the Tribunal on 2019-10-09. Prior to the RP's appointment, claims amounting to Rs. 5.37 crore were received from one financial creditor and Rs. 1.67 crore from three operational creditors, totaling Rs. 7.04 crore. The applicant inspected the factory premises and took possession of the assets. Punjab National Bank, the sole financial creditor, initiated proceedings under the SARFAESI Act, leading to an auction of land and building. The Corporate Debtor challenged this
…Corporate Insolvency Resolution Process…
Committee of Creditors (CoC) unanimously…