The case involves an application filed by Mr. Noor Alam, along with 27 other debenture holders of Prism Infracon Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prism Infracon Limited. The basis for the application was the Corporate Debtor's default in paying the amount due against the debenture certificates on their maturity dates, along with accrued interest. The total debt amount was stated to be ₹49,16,000. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 03.07.2018 and appointed Mr. Partha Kamal Sen as the Interim Resolution Professional (IRP).
Mr. Noor Alam, along with 27 other debenture holders, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prism Infracon Limited due to a default in payment against debenture certificates. The total debt was ₹49,16,000. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 03.07.2018 and appointed Mr. Partha Kamal Sen as the Interim Resolution Professional (IRP). The CIRP period of 180 days completed on 29.12.2018 and was extended for 90 days, and the CIRP period of 270 days got over on 29.03.2019. The Corporate Debtor challenged almost every action of the RP. The Corporate Debtor had appointed an intermediator for debenture holders, but this
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The case involves an application filed by Mr. Noor Alam, along with 27 other debenture holders of Prism Infracon Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prism Infracon Limited. The basis for the application was the Corporate Debtor's default in paying the amount due against the debenture certificates on their maturity dates, along with accrued interest. The total debt amount was stated to be ₹49,16,000. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 03.07.2018 and appointed Mr. Partha Kamal Sen as the Interim Resolution Professional (IRP).
Mr. Noor Alam, along with 27 other debenture holders, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Prism Infracon Limited due to a default in payment against debenture certificates. The total debt was ₹49,16,000. The Adjudicating Authority admitted the Corporate Debtor into CIRP on 03.07.2018 and appointed Mr. Partha Kamal Sen as the Interim Resolution Professional (IRP). The CIRP period of 180 days completed on 29.12.2018 and was extended for 90 days, and the CIRP period of 270 days got over on 29.03.2019. The Corporate Debtor challenged almost every action of the RP. The Corporate Debtor had appointed an intermediator for debenture holders, but this
…The Insolven…
The Adjudicating…