The application was filed by the Resolution Professional under Sections 33(1)(b) (i), (ii), (iii) and 33 (2) of the Insolvency and Bankruptcy Code, 2016, seeking an order of liquidation for the corporate debtor, Mahabir Techno Limited. A petition under Section 9 of the Code was initiated by Ashapura Perfoclay Limited against Mahabir Techno Limited and was admitted on 2018-10-30, which led to the declaration of a moratorium and the appointment of Mr. Vinod Kumar Mahajan as the Interim Resolution Professional. The Resolution Professional invited claims, and the Committee of Creditors (CoC) was formed. During a site visit, it was discovered that the machinery and stocks had been removed by the corporate debtor before Union Bank of India took possession under the SARFAESI
…Ashapura Perfoclay Limited initiated insolvency proceedings against Mahabir Techno Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-10-30, leading to a moratorium and the appointment of Vinod Kumar Mahajan as the Interim Resolution Professional. During the resolution process, it was found that Mahabir Techno Limited had removed machinery and stocks before Union Bank of India could take possession under the SARFAESI Act. The Committee of Creditors (CoC) was formed, but the company's business was closed, and its balance sheet was unavailable after 2017-03-31. The CoC resolved to liquidate the corporate debtor with 100% voting share, finding no viable resolution plan. The Resolution Professional then filed an
…Sign in to view the parties.
The petition under Section 9 of the Code…
Mr. Vinod Kumar Mahajan was confirmed as the…
The application was filed by the Resolution Professional under Sections 33(1)(b) (i), (ii), (iii) and 33 (2) of the Insolvency and Bankruptcy Code, 2016, seeking an order of liquidation for the corporate debtor, Mahabir Techno Limited. A petition under Section 9 of the Code was initiated by Ashapura Perfoclay Limited against Mahabir Techno Limited and was admitted on 2018-10-30, which led to the declaration of a moratorium and the appointment of Mr. Vinod Kumar Mahajan as the Interim Resolution Professional. The Resolution Professional invited claims, and the Committee of Creditors (CoC) was formed. During a site visit, it was discovered that the machinery and stocks had been removed by the corporate debtor before Union Bank of India took possession under the SARFAESI
…Ashapura Perfoclay Limited initiated insolvency proceedings against Mahabir Techno Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2018-10-30, leading to a moratorium and the appointment of Vinod Kumar Mahajan as the Interim Resolution Professional. During the resolution process, it was found that Mahabir Techno Limited had removed machinery and stocks before Union Bank of India could take possession under the SARFAESI Act. The Committee of Creditors (CoC) was formed, but the company's business was closed, and its balance sheet was unavailable after 2017-03-31. The CoC resolved to liquidate the corporate debtor with 100% voting share, finding no viable resolution plan. The Resolution Professional then filed an
…The petition under Section 9 of the Code…
Mr. Vinod Kumar Mahajan was confirmed as the…