The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Nippon Alloy Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Ply Com Private Limited, an operational creditor. The RP was appointed as the Interim Resolution Professional (IRP) initially. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the resolution of the Corporate Debtor. However, due to the lack of resolution possibilities, the CoC decided to liquidate the Corporate Debtor.
Ply Com Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Nippon Alloy Limited (Corporate Debtor). Subodh Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made in newspapers on 2020-02-02, with a claim submission deadline of 2019-10-29. The Committee of Creditors (CoC) was constituted on 2020-02-20. Meetings were held on 2020-02-27, 2020-03-18, 2020-04-15, 2020-07-30, 2020-09-04, and 2020-09-23. The CoC noted that the Corporate Debtor's operations had ceased for over a year, it lacked major assets, and the
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Adjudicating Authority ordered initiation of…
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The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Nippon Alloy Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Ply Com Private Limited, an operational creditor. The RP was appointed as the Interim Resolution Professional (IRP) initially. The Committee of Creditors (CoC) was constituted, and meetings were held to discuss the resolution of the Corporate Debtor. However, due to the lack of resolution possibilities, the CoC decided to liquidate the Corporate Debtor.
Ply Com Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Nippon Alloy Limited (Corporate Debtor). Subodh Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made in newspapers on 2020-02-02, with a claim submission deadline of 2019-10-29. The Committee of Creditors (CoC) was constituted on 2020-02-20. Meetings were held on 2020-02-27, 2020-03-18, 2020-04-15, 2020-07-30, 2020-09-04, and 2020-09-23. The CoC noted that the Corporate Debtor's operations had ceased for over a year, it lacked major assets, and the
…Adjudicating Authority ordered initiation of…
Public announcement…