The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Neutrino Power Systems Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated after filing CP(IB) NO. 125/10/HDB/2017. Initially, a moratorium was declared, and Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Chandra Sekhar Arasada replaced her as the Resolution Professional. An Expression of Interest (EOI) was issued, and M/s Jainco Projects (India) Limited showed interest but ultimately did not submit a viable resolution plan. Several Committee of Creditors (CoC) meetings were held to discuss the resolution plan and CIRP costs. The CoC eventually rejected the revised
…Neutrino Power Systems Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, initiated by filing CP(IB) NO. 125/10/HDB/2017. Initially, Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chandra Sekhar Arasada. An Expression of Interest (EOI) was issued, attracting interest from M/s Jainco Projects (India) Limited. However, the resolution plan submitted by Jainco Projects had lacunae and was sent back for revision. The resolution applicant reduced the payment offer from Rs.127.60 lakhs to Rs.95 lakhs, leading to the Committee of Creditors (CoC) rejecting the revised plan. Nine CoC meetings were conducted. The CoC observed that
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CP(IB) NO. 125/10/HDB/20…
Moratorium declared, and Mrs. Sandhya…
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Neutrino Power Systems Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated after filing CP(IB) NO. 125/10/HDB/2017. Initially, a moratorium was declared, and Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Chandra Sekhar Arasada replaced her as the Resolution Professional. An Expression of Interest (EOI) was issued, and M/s Jainco Projects (India) Limited showed interest but ultimately did not submit a viable resolution plan. Several Committee of Creditors (CoC) meetings were held to discuss the resolution plan and CIRP costs. The CoC eventually rejected the revised
…Neutrino Power Systems Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, initiated by filing CP(IB) NO. 125/10/HDB/2017. Initially, Mrs. Sandhya Kothlapuram was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chandra Sekhar Arasada. An Expression of Interest (EOI) was issued, attracting interest from M/s Jainco Projects (India) Limited. However, the resolution plan submitted by Jainco Projects had lacunae and was sent back for revision. The resolution applicant reduced the payment offer from Rs.127.60 lakhs to Rs.95 lakhs, leading to the Committee of Creditors (CoC) rejecting the revised plan. Nine CoC meetings were conducted. The CoC observed that
…CP(IB) NO. 125/10/HDB/20…
Moratorium declared, and Mrs. Sandhya…
Sign in to view related legal provisions.