The case involves a Company Petition filed by Polychroic Petrochemicals Private Limited (Corporate Debtor) under Section 10 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against itself. The petition was admitted on 15.09.2017. The Corporate Debtor is classified as a micro, small, and medium enterprise. The sole Financial Creditor opposed the appointment of the initial IRP. An alternate IRP was suggested by the Corporate Debtor after consulting with the Financial Creditor and was appointed. The IRP took charge on 24.10.2017 and was later confirmed as the Resolution Professional (RP). A public announcement was made on 26.10.2017, initiating CIRP and inviting claims from creditors. The Committee of Creditors (COC) comprised the sole
…Polychroic Petrochemicals Private Limited (Corporate Debtor) filed a petition under Section 10 of the IBC, 2016, to initiate CIRP against itself. The petition was admitted on 15.09.2017. The Corporate Debtor is a micro, small, and medium enterprise. The sole Financial Creditor initially opposed the appointment of the proposed IRP. An alternate IRP was appointed on 28.09.2017 after consultation with the Financial Creditor. The IRP took charge on 24.10.2017 and was later confirmed as the RP. A public announcement was made on 26.10.2017, initiating CIRP. The COC comprised the sole Financial Creditor, The Bharat Co-operative Bank (Mumbai) Limited. The legal advisor of the Financial Creditor requested liquidation to recover bank dues. The COC decided against extending the
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Company Petition filed…
Name of another IRP was suggested by the…
The case involves a Company Petition filed by Polychroic Petrochemicals Private Limited (Corporate Debtor) under Section 10 of the IBC, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against itself. The petition was admitted on 15.09.2017. The Corporate Debtor is classified as a micro, small, and medium enterprise. The sole Financial Creditor opposed the appointment of the initial IRP. An alternate IRP was suggested by the Corporate Debtor after consulting with the Financial Creditor and was appointed. The IRP took charge on 24.10.2017 and was later confirmed as the Resolution Professional (RP). A public announcement was made on 26.10.2017, initiating CIRP and inviting claims from creditors. The Committee of Creditors (COC) comprised the sole
…Polychroic Petrochemicals Private Limited (Corporate Debtor) filed a petition under Section 10 of the IBC, 2016, to initiate CIRP against itself. The petition was admitted on 15.09.2017. The Corporate Debtor is a micro, small, and medium enterprise. The sole Financial Creditor initially opposed the appointment of the proposed IRP. An alternate IRP was appointed on 28.09.2017 after consultation with the Financial Creditor. The IRP took charge on 24.10.2017 and was later confirmed as the RP. A public announcement was made on 26.10.2017, initiating CIRP. The COC comprised the sole Financial Creditor, The Bharat Co-operative Bank (Mumbai) Limited. The legal advisor of the Financial Creditor requested liquidation to recover bank dues. The COC decided against extending the
…Company Petition filed…
Name of another IRP was suggested by the…