The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, against the respondents, seeking directions for the promoters and directors of the corporate debtor, National Plywood Industries Limited, to hand over the management for the smooth running and completion of the Corporate Insolvency Resolution Process (CIRP). The IRP was appointed by the Tribunal's order dated 25/8/2019. The CIRP was initiated following an application under Section 19 read with Sec.23(2) of the Insolvency and Bankruptcy Code, 2016, by the financial creditor, Stressed Assets Stabilization Fund [SASF]. The suspended Board of Directors of the corporate debtor allegedly attempted to delay the CIRP, did not fully cooperate, and unaudited provisional
…The Stressed Assets Stabilization Fund [SASF] initiated CIRP against National Plywood Industries Limited. Mr. Sandeep Khaitan was appointed as the Interim Resolution Professional (IRP). The IRP filed an application seeking directions for the corporate debtor's directors to hand over management for CIRP completion. The Tribunal admitted the petition on 25/8/2019, declaring a moratorium and initiating a public announcement. The corporate debtor had 19 bank accounts, but details of only 17 were shared with the IRP. The suspended Board of Directors allegedly tried to delay the CIRP. The IRP communicated anomalies in the CIRP to the corporate debtor. The directors moved NCLAT to quash the CIRP initiation, but the appeal was dismissed on 25/11/2019. They then approached the
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The Insolven…
The Hosur plant, a unit…
The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Sandeep Khaitan, against the respondents, seeking directions for the promoters and directors of the corporate debtor, National Plywood Industries Limited, to hand over the management for the smooth running and completion of the Corporate Insolvency Resolution Process (CIRP). The IRP was appointed by the Tribunal's order dated 25/8/2019. The CIRP was initiated following an application under Section 19 read with Sec.23(2) of the Insolvency and Bankruptcy Code, 2016, by the financial creditor, Stressed Assets Stabilization Fund [SASF]. The suspended Board of Directors of the corporate debtor allegedly attempted to delay the CIRP, did not fully cooperate, and unaudited provisional
…The Stressed Assets Stabilization Fund [SASF] initiated CIRP against National Plywood Industries Limited. Mr. Sandeep Khaitan was appointed as the Interim Resolution Professional (IRP). The IRP filed an application seeking directions for the corporate debtor's directors to hand over management for CIRP completion. The Tribunal admitted the petition on 25/8/2019, declaring a moratorium and initiating a public announcement. The corporate debtor had 19 bank accounts, but details of only 17 were shared with the IRP. The suspended Board of Directors allegedly tried to delay the CIRP. The IRP communicated anomalies in the CIRP to the corporate debtor. The directors moved NCLAT to quash the CIRP initiation, but the appeal was dismissed on 25/11/2019. They then approached the
…The Insolven…
The Hosur plant, a unit…