The case involves a petition filed by M/s. Vishwas Concrete Private Limited under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Pranee Infrastructure Private Limited due to a default of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated CIRP, appointing Shri Vinod Sunder Raman as the Interim Resolution Professional (IRP). Claims were invited, and the IRP received claims from City Union Bank Limited and UCO Bank. The Committee of Creditors (CoC) was constituted, and it was found that the Corporate Debtor had defaulted in complying with the Companies Act, making it difficult to ascertain its financial position. The CoC decided to liquidate the Corporate Debtor under Section 33(2) of the Code.
M/s. Vishwas Concrete Private Limited filed a petition under Section 9 of the IBC, 2016, against M/s. Pranee Infrastructure Private Limited for defaulting on a payment of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). Shri Vinod Sunder Raman was appointed as the Interim Resolution Professional (IRP). Claims were received from City Union Bank Limited (Rs. 9,74,25,466/-) and UCO Bank (Rs. 4,81,54,848/-). The Committee of Creditors (CoC) was formed, comprising City Union Bank (66.92% voting share) and UCO Bank (33.08% voting share). The IRP inspected the Corporate Debtor's registered office and found incomplete records. The Corporate Debtor's revenue was primarily from works awarded by
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The first meeting of the CoC was held, where…
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The case involves a petition filed by M/s. Vishwas Concrete Private Limited under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Pranee Infrastructure Private Limited due to a default of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated CIRP, appointing Shri Vinod Sunder Raman as the Interim Resolution Professional (IRP). Claims were invited, and the IRP received claims from City Union Bank Limited and UCO Bank. The Committee of Creditors (CoC) was constituted, and it was found that the Corporate Debtor had defaulted in complying with the Companies Act, making it difficult to ascertain its financial position. The CoC decided to liquidate the Corporate Debtor under Section 33(2) of the Code.
M/s. Vishwas Concrete Private Limited filed a petition under Section 9 of the IBC, 2016, against M/s. Pranee Infrastructure Private Limited for defaulting on a payment of Rs. 17,56,500/-. The Adjudicating Authority admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). Shri Vinod Sunder Raman was appointed as the Interim Resolution Professional (IRP). Claims were received from City Union Bank Limited (Rs. 9,74,25,466/-) and UCO Bank (Rs. 4,81,54,848/-). The Committee of Creditors (CoC) was formed, comprising City Union Bank (66.92% voting share) and UCO Bank (33.08% voting share). The IRP inspected the Corporate Debtor's registered office and found incomplete records. The Corporate Debtor's revenue was primarily from works awarded by
…The first meeting of the CoC was held, where…
The Adjudicating…