The case involves an application for liquidation of the Corporate Debtor, M/s. Newgen Specialty Plastics Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Rajesh Parakh was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anil Kumar was appointed as the Resolution Professional (RP). During the CIRP, the Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution plans. However, no resolution plan was submitted within the stipulated time, leading the CoC to request the RP to proceed with liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Newgen Specialty Plastics Limited after an application under Section 9 of the I&B Code, 2016, was admitted. Mr. Rajesh Parakh was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Anil Kumar as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were conducted to explore resolution plans. The RP received two Expressions of Interest (EOI) but no resolution plan was submitted, even after extensions were granted to the directors of the company. The CoC, with Oriental Bank of Commerce holding 67% of the voting share, declined further extensions. Ultimately, the CoC voted unanimously for liquidation. The NCLT
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Application under Section 9 of the I&B Code,…
Mr. Rajesh Parakh was…
The case involves an application for liquidation of the Corporate Debtor, M/s. Newgen Specialty Plastics Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Rajesh Parakh was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Anil Kumar was appointed as the Resolution Professional (RP). During the CIRP, the Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution plans. However, no resolution plan was submitted within the stipulated time, leading the CoC to request the RP to proceed with liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Newgen Specialty Plastics Limited after an application under Section 9 of the I&B Code, 2016, was admitted. Mr. Rajesh Parakh was initially appointed as the Interim Resolution Professional (IRP), followed by Mr. Anil Kumar as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were conducted to explore resolution plans. The RP received two Expressions of Interest (EOI) but no resolution plan was submitted, even after extensions were granted to the directors of the company. The CoC, with Oriental Bank of Commerce holding 67% of the voting share, declined further extensions. Ultimately, the CoC voted unanimously for liquidation. The NCLT
…Application under Section 9 of the I&B Code,…
Mr. Rajesh Parakh was…