The Adjudicating Authority initiated CIRP against the Corporate Debtor, M/s. Prabhat Resources Limited, on 06.09.2019. The applicant was appointed as the IRP. A public announcement was made on 19.11.2019, but no Expression of Interest (EOI) was received until 27.12.2019. The Resolution Professional appointed 2 IBBI Registered Valuers on 11.02.2020 for asset valuation. The 7th CoC meeting on 02.03.2020 resolved to seek an extension of the CIRP for 90 days from 05.03.2020. The Tribunal allowed the extension on 09.07.2020. In the 11th CoC meeting on 05.12.2020, members unanimously resolved to liquidate the Corporate Debtor, directing the applicant to approach the Tribunal for liquidation.
The Adjudicating Authority initiated CIRP against M/s. Prabhat Resources Limited on 06.09.2019. Mr. Velayutham Jayavel was appointed as the Resolution Professional. Despite a public announcement on 19.11.2019, no Expression of Interest (EOI) was received by 27.12.2019. Two IBBI Registered Valuers were appointed on 11.02.2020. The fair value of the Corporate Debtor was assessed at Rs.3,37,50,000/-, and the liquidation value at Rs.82,65,000. The CoC resolved to seek an extension of the CIRP, which was granted until 05.03.2020. Subsequently, the CoC unanimously resolved to liquidate the Corporate Debtor on 05.12.2020. The Resolution Professional expressed unwillingness to act as liquidator. Mr. Ramachandran Subramanian was suggested and gave written consent to act as
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The Adjudicating Authority initiated CIRP against the Corporate Debtor, M/s. Prabhat Resources Limited, on 06.09.2019. The applicant was appointed as the IRP. A public announcement was made on 19.11.2019, but no Expression of Interest (EOI) was received until 27.12.2019. The Resolution Professional appointed 2 IBBI Registered Valuers on 11.02.2020 for asset valuation. The 7th CoC meeting on 02.03.2020 resolved to seek an extension of the CIRP for 90 days from 05.03.2020. The Tribunal allowed the extension on 09.07.2020. In the 11th CoC meeting on 05.12.2020, members unanimously resolved to liquidate the Corporate Debtor, directing the applicant to approach the Tribunal for liquidation.
The Adjudicating Authority initiated CIRP against M/s. Prabhat Resources Limited on 06.09.2019. Mr. Velayutham Jayavel was appointed as the Resolution Professional. Despite a public announcement on 19.11.2019, no Expression of Interest (EOI) was received by 27.12.2019. Two IBBI Registered Valuers were appointed on 11.02.2020. The fair value of the Corporate Debtor was assessed at Rs.3,37,50,000/-, and the liquidation value at Rs.82,65,000. The CoC resolved to seek an extension of the CIRP, which was granted until 05.03.2020. Subsequently, the CoC unanimously resolved to liquidate the Corporate Debtor on 05.12.2020. The Resolution Professional expressed unwillingness to act as liquidator. Mr. Ramachandran Subramanian was suggested and gave written consent to act as
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