The case involves an appeal against the order dated 25.06.2019 passed by the Liquidator accepting the claim of Concept Management Consulting Limited. The appellant, State Bank of India (SBI), a secured financial creditor, filed an application against this order. The Corporate Insolvency Resolution Process (CIRP) was initiated against Powercon Projects & Associates Limited based on an application filed by C.G. Power and Industrial Solutions Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT Kolkata Bench admitted the application on 10.07.2018 and appointed Mr. Anand Chandra Swain as the Interim Resolution Professional (IRP). The IRP made a public announcement, and SBI filed its claim, which was accepted.
…C.G. Power and Industrial Solutions Limited, an operational creditor, initiated CIRP against Powercon Projects & Associates Limited, the corporate debtor, under Section 9 of the IBC, 2016. The NCLT Kolkata Bench admitted the application on 10.07.2018, appointing Mr. Anand Chandra Swain as the IRP. The IRP made a public announcement, and SBI, a secured financial creditor, filed its claim, which was accepted. Concept Management Consulting Limited also filed a claim, which was initially allegedly rejected due to lack of substantiating documents. During a CoC meeting, a resolution was passed stating that there was no possibility of continuance of the resolution process due to a winding-up petition already moved by SBI before the High Court of Orissa. The RP then prayed
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NCLT Kolkata Bench admitted the application…
Mr. Anand Chandra Swain…
The case involves an appeal against the order dated 25.06.2019 passed by the Liquidator accepting the claim of Concept Management Consulting Limited. The appellant, State Bank of India (SBI), a secured financial creditor, filed an application against this order. The Corporate Insolvency Resolution Process (CIRP) was initiated against Powercon Projects & Associates Limited based on an application filed by C.G. Power and Industrial Solutions Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT Kolkata Bench admitted the application on 10.07.2018 and appointed Mr. Anand Chandra Swain as the Interim Resolution Professional (IRP). The IRP made a public announcement, and SBI filed its claim, which was accepted.
…C.G. Power and Industrial Solutions Limited, an operational creditor, initiated CIRP against Powercon Projects & Associates Limited, the corporate debtor, under Section 9 of the IBC, 2016. The NCLT Kolkata Bench admitted the application on 10.07.2018, appointing Mr. Anand Chandra Swain as the IRP. The IRP made a public announcement, and SBI, a secured financial creditor, filed its claim, which was accepted. Concept Management Consulting Limited also filed a claim, which was initially allegedly rejected due to lack of substantiating documents. During a CoC meeting, a resolution was passed stating that there was no possibility of continuance of the resolution process due to a winding-up petition already moved by SBI before the High Court of Orissa. The RP then prayed
…NCLT Kolkata Bench admitted the application…
Mr. Anand Chandra Swain…