The case pertains to an application filed by the Resolution Professional (RP) of Prabhat Technologies (India) Limited, formerly known as Prabhat Telecoms (I) Ltd, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated following the admission of a Section 7 application filed by a Financial Creditor. The RP was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the classification of creditors and invite Expressions of Interest (EOI) from prospective resolution applicants. Due to the COVID-19 pandemic and subsequent lockdowns, the CIRP period was impacted, leading to the current application for extension.
The Corporate Insolvency Resolution Process (CIRP) of Prabhat Technologies (India) Limited commenced on 10.10.2019, following the admission of a Section 7 application by a Financial Creditor. Rajendra K Bhuta was appointed as the Resolution Professional (RP). A public announcement was made on 21.10.2019, inviting claims from creditors, with a deadline of 04.11.2019. The Committee of Creditors (CoC) was formed, and meetings were held on 30.11.2019 and 13.12.2019 to discuss creditor classification and invite Expressions of Interest (EOI) from potential resolution applicants. Only one EOI was received initially, leading to a second cycle of EOI advertisement on 24.02.2020, with a submission deadline of 10.03.2020. A prospective resolution applicant (PRA) requested an
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CIRP of Prabhat…
Public announcement…
The case pertains to an application filed by the Resolution Professional (RP) of Prabhat Technologies (India) Limited, formerly known as Prabhat Telecoms (I) Ltd, seeking an extension of the Corporate Insolvency Resolution Process (CIRP) period. The CIRP was initiated following the admission of a Section 7 application filed by a Financial Creditor. The RP was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and several meetings were held to discuss the classification of creditors and invite Expressions of Interest (EOI) from prospective resolution applicants. Due to the COVID-19 pandemic and subsequent lockdowns, the CIRP period was impacted, leading to the current application for extension.
The Corporate Insolvency Resolution Process (CIRP) of Prabhat Technologies (India) Limited commenced on 10.10.2019, following the admission of a Section 7 application by a Financial Creditor. Rajendra K Bhuta was appointed as the Resolution Professional (RP). A public announcement was made on 21.10.2019, inviting claims from creditors, with a deadline of 04.11.2019. The Committee of Creditors (CoC) was formed, and meetings were held on 30.11.2019 and 13.12.2019 to discuss creditor classification and invite Expressions of Interest (EOI) from potential resolution applicants. Only one EOI was received initially, leading to a second cycle of EOI advertisement on 24.02.2020, with a submission deadline of 10.03.2020. A prospective resolution applicant (PRA) requested an
…CIRP of Prabhat…
Public announcement…