The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Nakshatra World Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 29.01.2019 by the Adjudicating Authority based on a petition filed by ICICI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Vijay Kumar Garg was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was duly constituted, and the Applicant was appointed as the Resolution Professional. A company petition was filed by the Union of India, Ministry of Corporate Affairs, against the Corporate Debtor seeking recovery of amounts in the financial fraud.
…The Corporate Debtor, Nakshatra World Limited, faced Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Vijay Kumar Garg was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed. The Union of India, Ministry of Corporate Affairs, filed a company petition against the Corporate Debtor seeking recovery of amounts related to financial fraud. An ex parte Injunction Order was passed, preventing the Corporate Debtor from transferring or disposing of assets. The Resolution Professional (RP) was unable to proceed with CIRP effectively because the Corporate Debtor's assets were under the control of authorities. The CoC of
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A Company Petition being CP No. 277 of 2018…
Tribunal vide Order dated 23.02.2018 passed…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Nakshatra World Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an order dated 29.01.2019 by the Adjudicating Authority based on a petition filed by ICICI Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Vijay Kumar Garg was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was duly constituted, and the Applicant was appointed as the Resolution Professional. A company petition was filed by the Union of India, Ministry of Corporate Affairs, against the Corporate Debtor seeking recovery of amounts in the financial fraud.
…The Corporate Debtor, Nakshatra World Limited, faced Corporate Insolvency Resolution Process (CIRP) initiated by ICICI Bank Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Vijay Kumar Garg was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed. The Union of India, Ministry of Corporate Affairs, filed a company petition against the Corporate Debtor seeking recovery of amounts related to financial fraud. An ex parte Injunction Order was passed, preventing the Corporate Debtor from transferring or disposing of assets. The Resolution Professional (RP) was unable to proceed with CIRP effectively because the Corporate Debtor's assets were under the control of authorities. The CoC of
…A Company Petition being CP No. 277 of 2018…
Tribunal vide Order dated 23.02.2018 passed…