Vaishno Engineer System Associates, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Maa Tara Ferrotech Pvt. Ltd. The Committee of Creditors (CoC) was formed, and the IRP was later replaced by Mr. Anish Agarwal. The CoC ultimately decided to seek liquidation of the Corporate Debtor due to bleak chances of revival, especially considering that a sister concern, Maa Tara Ispat Industries Pvt. Ltd., was already in liquidation.
Vaishno Engineer System Associates initiated CIRP against Maa Tara Ferrotech Pvt. Ltd. under Section 9 of the IBC. The CIRP commenced on 2020-03-13. A Committee of Creditors (CoC) was constituted on 2020-06-18, with admitted claims of Rs. 14.5 crore. The CoC decided to liquidate the Corporate Debtor due to the absence of a resolution plan and the liquidation of a sister concern, Maa Tara Ispat Industries Pvt. Ltd., sharing common boundaries. The CoC rejected the proposal for a forensic audit. Mr. Anish Agarwal was appointed as the Resolution Professional and later as the Liquidator. The CoC voted with 100% majority to liquidate the Corporate Debtor. The application for liquidation was filed under Section 33(2) of the IBC.
Sign in to view the parties.
Adjudicating Authority directed initiation of…
Public announcement of…
Sign in to view related legal provisions.
Vaishno Engineer System Associates, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Maa Tara Ferrotech Pvt. Ltd. The Committee of Creditors (CoC) was formed, and the IRP was later replaced by Mr. Anish Agarwal. The CoC ultimately decided to seek liquidation of the Corporate Debtor due to bleak chances of revival, especially considering that a sister concern, Maa Tara Ispat Industries Pvt. Ltd., was already in liquidation.
Vaishno Engineer System Associates initiated CIRP against Maa Tara Ferrotech Pvt. Ltd. under Section 9 of the IBC. The CIRP commenced on 2020-03-13. A Committee of Creditors (CoC) was constituted on 2020-06-18, with admitted claims of Rs. 14.5 crore. The CoC decided to liquidate the Corporate Debtor due to the absence of a resolution plan and the liquidation of a sister concern, Maa Tara Ispat Industries Pvt. Ltd., sharing common boundaries. The CoC rejected the proposal for a forensic audit. Mr. Anish Agarwal was appointed as the Resolution Professional and later as the Liquidator. The CoC voted with 100% majority to liquidate the Corporate Debtor. The application for liquidation was filed under Section 33(2) of the IBC.
Adjudicating Authority directed initiation of…
Public announcement of…
Sign in to view related legal provisions.