The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Poscho Steels Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was conducted in accordance with the provisions of the Code. The RP did not receive any expression of interest after issuing Form G. The Committee of Creditors (CoC), with Punjab National Bank as the sole Financial Creditor, decided in its meeting on June 1, 2020, with a 100% voting share, to liquidate the Corporate Debtor.
The Resolution Professional (RP) filed an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Poscho Steels Pvt Ltd (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was conducted according to the Code. No expression of interest was received after issuing Form G. The Committee of Creditors (CoC), consisting solely of Punjab National Bank, decided on June 1, 2020, with a 100% voting share, to liquidate the Corporate Debtor. The CoC decided to appoint the present Resolution Professional as the Liquidator and fixed fees for the Liquidator and other expenses. The relevance of these facts is that they demonstrate the failure of the CIRP process to find a resolution for the Corporate Debtor, leading to the
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The Committee of Creditors (CoC), with…
The NCLT issued an…
The case involves an application filed by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Poscho Steels Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was conducted in accordance with the provisions of the Code. The RP did not receive any expression of interest after issuing Form G. The Committee of Creditors (CoC), with Punjab National Bank as the sole Financial Creditor, decided in its meeting on June 1, 2020, with a 100% voting share, to liquidate the Corporate Debtor.
The Resolution Professional (RP) filed an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Poscho Steels Pvt Ltd (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was conducted according to the Code. No expression of interest was received after issuing Form G. The Committee of Creditors (CoC), consisting solely of Punjab National Bank, decided on June 1, 2020, with a 100% voting share, to liquidate the Corporate Debtor. The CoC decided to appoint the present Resolution Professional as the Liquidator and fixed fees for the Liquidator and other expenses. The relevance of these facts is that they demonstrate the failure of the CIRP process to find a resolution for the Corporate Debtor, leading to the
…The Committee of Creditors (CoC), with…
The NCLT issued an…