The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016. CG Power and Industrial Solutions Limited, formerly Crompton Greaves Limited, filed the application. The Interim Resolution Professional (IRP) was appointed, but the Committee of Creditors (CoC), consisting solely of the State Bank of India (SBI), did not confirm the IRP's appointment. The IRP's claim was rejected, and the CoC expressed its intention not to bear the expenses. The CIRP period of 180 days expired without any resolution plan. A winding-up petition was pending before the High Court at Orissa.
CG Power and Industrial Solutions Limited filed an application for initiating CIRP against Powercon Projects & Association Limited. The application was admitted, and an Interim Resolution Professional (IRP), Mr. Anand Chandra Swain, was appointed. The Committee of Creditors (CoC) consisted of only one member, the State Bank of India (SBI). The CoC did not confirm the appointment of the IRP. The IRP rejected the claim of Concept Management Consulting Limited for want of proof. The CoC did not wish to spend any expenses incurred by the IRP and was reluctant to approve the resolution cost and fees. The IRP filed a final progress report recommending liquidation. The Corporate Debtor had stopped its operation and was not doing any business for the last 4/5 years. The
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The CP was f…
Application was admitted and Mr. Anand Chandra…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Sections 8 and 9 of the Insolvency and Bankruptcy Code, 2016. CG Power and Industrial Solutions Limited, formerly Crompton Greaves Limited, filed the application. The Interim Resolution Professional (IRP) was appointed, but the Committee of Creditors (CoC), consisting solely of the State Bank of India (SBI), did not confirm the IRP's appointment. The IRP's claim was rejected, and the CoC expressed its intention not to bear the expenses. The CIRP period of 180 days expired without any resolution plan. A winding-up petition was pending before the High Court at Orissa.
CG Power and Industrial Solutions Limited filed an application for initiating CIRP against Powercon Projects & Association Limited. The application was admitted, and an Interim Resolution Professional (IRP), Mr. Anand Chandra Swain, was appointed. The Committee of Creditors (CoC) consisted of only one member, the State Bank of India (SBI). The CoC did not confirm the appointment of the IRP. The IRP rejected the claim of Concept Management Consulting Limited for want of proof. The CoC did not wish to spend any expenses incurred by the IRP and was reluctant to approve the resolution cost and fees. The IRP filed a final progress report recommending liquidation. The Corporate Debtor had stopped its operation and was not doing any business for the last 4/5 years. The
…The CP was f…
Application was admitted and Mr. Anand Chandra…