The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Nazar International Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Section 7 application filed by a Financial Creditor. The applicant, Ramachandran Subramanian, was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a claim was received from the Financial Creditor, United Bank of India, for Rs. 26,05,03,309/-. The Committee of Creditors (CoC) was constituted with the sole Financial Creditor holding 100% voting share. Despite efforts to find a resolution applicant, no Expression of Interest (Eol) was received. The
…M/s. Nazar International Private Limited faced insolvency proceedings initiated by a Financial Creditor under Section 7 of the IBC, 2016. Ramachandran Subramanian was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). Public announcements were made to invite claims and expressions of interest. The sole Financial Creditor, initially United Bank of India and later Punjab National Bank after amalgamation, constituted the Committee of Creditors (CoC). The CoC, holding 100% voting share, resolved to liquidate the Corporate Debtor due to the absence of any viable resolution plan. The fair value and liquidation value of the Corporate Debtor's assets were estimated at Rs. 6.35 Crore and Rs. 5.50 Crore, respectively. The
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Tribunal passed an order initiating the…
Public announcement was made under Section 15…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, M/s. Nazar International Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a Section 7 application filed by a Financial Creditor. The applicant, Ramachandran Subramanian, was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a claim was received from the Financial Creditor, United Bank of India, for Rs. 26,05,03,309/-. The Committee of Creditors (CoC) was constituted with the sole Financial Creditor holding 100% voting share. Despite efforts to find a resolution applicant, no Expression of Interest (Eol) was received. The
…M/s. Nazar International Private Limited faced insolvency proceedings initiated by a Financial Creditor under Section 7 of the IBC, 2016. Ramachandran Subramanian was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). Public announcements were made to invite claims and expressions of interest. The sole Financial Creditor, initially United Bank of India and later Punjab National Bank after amalgamation, constituted the Committee of Creditors (CoC). The CoC, holding 100% voting share, resolved to liquidate the Corporate Debtor due to the absence of any viable resolution plan. The fair value and liquidation value of the Corporate Debtor's assets were estimated at Rs. 6.35 Crore and Rs. 5.50 Crore, respectively. The
…Tribunal passed an order initiating the…
Public announcement was made under Section 15…