The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Priknit Retails Ltd. initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following the admission of the petition. An Interim Resolution Professional (IRP), Shri Sanjay Kumar Aggarwal, was appointed. The Committee of Creditors (CoC) was constituted, comprising State Bank of India and ASREC (India) Ltd. The IRP was later confirmed as Resolution Professional (RP). Despite inviting Expression of Interest (EOI), no resolution plan was received. The CoC decided not to request an extension of the CIRP and recommended the liquidation of Priknit.
State Bank of India initiated CIRP against Priknit Retails Ltd. under Section 7 of the IBC. The petition was admitted, and Sanjay Kumar Aggarwal was appointed as IRP, later confirmed as RP. The CoC consisted of State Bank of India (90.92% voting share) and ASREC (India) Ltd. (9.08% voting share). Despite inviting EOIs, no resolution plan was received by the deadline. The CoC determined that Priknit was not a going concern due to a lack of operations, inventory, and assets. The CoC decided not to extend the CIRP and recommended liquidation. The 8th CoC meeting was held on 06.03.2020. The CIRP expired on 09.03.2020 without a resolution plan. The CoC resolved with 90.08% voting share to liquidate Priknit. Sanjay Kumar Aggarwal submitted his written consent to act as
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Petition under Section 7 of the Code filed by…
First meeting of CoC was…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Priknit Retails Ltd. initiated by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated following the admission of the petition. An Interim Resolution Professional (IRP), Shri Sanjay Kumar Aggarwal, was appointed. The Committee of Creditors (CoC) was constituted, comprising State Bank of India and ASREC (India) Ltd. The IRP was later confirmed as Resolution Professional (RP). Despite inviting Expression of Interest (EOI), no resolution plan was received. The CoC decided not to request an extension of the CIRP and recommended the liquidation of Priknit.
State Bank of India initiated CIRP against Priknit Retails Ltd. under Section 7 of the IBC. The petition was admitted, and Sanjay Kumar Aggarwal was appointed as IRP, later confirmed as RP. The CoC consisted of State Bank of India (90.92% voting share) and ASREC (India) Ltd. (9.08% voting share). Despite inviting EOIs, no resolution plan was received by the deadline. The CoC determined that Priknit was not a going concern due to a lack of operations, inventory, and assets. The CoC decided not to extend the CIRP and recommended liquidation. The 8th CoC meeting was held on 06.03.2020. The CIRP expired on 09.03.2020 without a resolution plan. The CoC resolved with 90.08% voting share to liquidate Priknit. Sanjay Kumar Aggarwal submitted his written consent to act as
…Petition under Section 7 of the Code filed by…
First meeting of CoC was…