The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Phoenix Aluminium Products Pvt. Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor following a petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of Mr. Harshad Deshpande as Resolution Professional (RP). Despite efforts to invite Expression of Interest (EoI) and submission of a resolution plan, none were received, and the CIRP period was not extended.
The Operational Creditor, SKM Steels Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Phoenix Aluminium Products Pvt. Ltd. The Adjudicating Authority ordered the initiation of CIRP on 2019-11-13. Mr. Prakash Naringrekar was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Harshad Deshpande was appointed as the Resolution Professional (RP). Despite inviting Expression of Interest (EoI) multiple times, no resolution plan was received. The Committee of Creditors (CoC) then decided to appoint a Valuer and subsequently, in a meeting held on 2020-09-21, unanimously resolved to liquidate the company due to the absence of any
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The Adjudicating Authority ordered the…
Mr. Harshad Deshpande…
The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Phoenix Aluminium Products Pvt. Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor following a petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. An Interim Resolution Professional (IRP) was appointed, followed by the appointment of Mr. Harshad Deshpande as Resolution Professional (RP). Despite efforts to invite Expression of Interest (EoI) and submission of a resolution plan, none were received, and the CIRP period was not extended.
The Operational Creditor, SKM Steels Ltd., filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Phoenix Aluminium Products Pvt. Ltd. The Adjudicating Authority ordered the initiation of CIRP on 2019-11-13. Mr. Prakash Naringrekar was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Harshad Deshpande was appointed as the Resolution Professional (RP). Despite inviting Expression of Interest (EoI) multiple times, no resolution plan was received. The Committee of Creditors (CoC) then decided to appoint a Valuer and subsequently, in a meeting held on 2020-09-21, unanimously resolved to liquidate the company due to the absence of any
…The Adjudicating Authority ordered the…
Mr. Harshad Deshpande…