The case involves an application filed by Union Bank of India seeking the recall of an order admitting a Corporate Insolvency Resolution Process (CIRP) against Precision Engineers & Fabricators Private Limited. The CIRP was initiated based on an application by Berger Paints India Limited. Union Bank argued that the Resolution Applicant suppressed material facts regarding pending winding-up proceedings before the High Court at Calcutta. The Resolution Plan was approved, but subsequent non-compliance with its terms led to the application for recall. The Corporate Debtor objected, citing a lack of power to recall the admission order. Two financial creditors, Axis Bank and L&T Finance Limited, also filed applications for liquidation due to non-compliance with the
…Berger Paints India Limited initiated CIRP against Precision Engineers & Fabricators Private Limited. The CIRP was admitted, and a Resolution Plan was approved. Union Bank of India filed an application to recall the admission order, alleging suppression of facts regarding pending winding-up proceedings before the High Court at Calcutta. The Resolution Applicant allegedly did not disclose the pendency of C.P. No.487 of 2016 before the Hon'ble High Court at Calcutta. Axis Bank and L&T Finance Limited filed applications for liquidation due to non-compliance with the Resolution Plan. The Corporate Debtor allegedly failed to make payments as per the Resolution Plan, including payments to Axis Bank and L&T Finance Limited. Phoenix ARC Private Ltd. allegedly
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The application of the operational creditor,…
The Resolution Plan submitted by Mr. Gurdeep…
The case involves an application filed by Union Bank of India seeking the recall of an order admitting a Corporate Insolvency Resolution Process (CIRP) against Precision Engineers & Fabricators Private Limited. The CIRP was initiated based on an application by Berger Paints India Limited. Union Bank argued that the Resolution Applicant suppressed material facts regarding pending winding-up proceedings before the High Court at Calcutta. The Resolution Plan was approved, but subsequent non-compliance with its terms led to the application for recall. The Corporate Debtor objected, citing a lack of power to recall the admission order. Two financial creditors, Axis Bank and L&T Finance Limited, also filed applications for liquidation due to non-compliance with the
…Berger Paints India Limited initiated CIRP against Precision Engineers & Fabricators Private Limited. The CIRP was admitted, and a Resolution Plan was approved. Union Bank of India filed an application to recall the admission order, alleging suppression of facts regarding pending winding-up proceedings before the High Court at Calcutta. The Resolution Applicant allegedly did not disclose the pendency of C.P. No.487 of 2016 before the Hon'ble High Court at Calcutta. Axis Bank and L&T Finance Limited filed applications for liquidation due to non-compliance with the Resolution Plan. The Corporate Debtor allegedly failed to make payments as per the Resolution Plan, including payments to Axis Bank and L&T Finance Limited. Phoenix ARC Private Ltd. allegedly
…The application of the operational creditor,…
The Resolution Plan submitted by Mr. Gurdeep…