Union Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Purna Pharmaceuticals Private Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 20,75,00,594/-. The NCLT admitted the corporate debtor into CIRP on 03.10.2019 and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement and called upon creditors to submit their claims. The IRP found that the registered office of the corporate debtor was completely burnt due to a fire in September 2018, and financial papers were unavailable. The CoC, consisting solely of Union Bank of India, initially did not confirm the
…Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Purna Pharmaceuticals Private Ltd., the Corporate Debtor, due to a default in paying a financial debt of Rs. 20,75,00,594/-. The NCLT admitted the application on 03.10.2019 and initiated the Corporate Insolvency Resolution Process (CIRP). Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 06.10.2019 and 10.10.2019, calling upon creditors to submit their claims. The IRP discovered that the Corporate Debtor's registered office had been destroyed by a fire in September 2018, making it impossible to access financial records. The Committee of Creditors (CoC) consisted
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A heavy fire broke out at the registered…
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Union Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Purna Pharmaceuticals Private Ltd., seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 20,75,00,594/-. The NCLT admitted the corporate debtor into CIRP on 03.10.2019 and appointed an Interim Resolution Professional (IRP). The IRP made a public announcement and called upon creditors to submit their claims. The IRP found that the registered office of the corporate debtor was completely burnt due to a fire in September 2018, and financial papers were unavailable. The CoC, consisting solely of Union Bank of India, initially did not confirm the
…Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Purna Pharmaceuticals Private Ltd., the Corporate Debtor, due to a default in paying a financial debt of Rs. 20,75,00,594/-. The NCLT admitted the application on 03.10.2019 and initiated the Corporate Insolvency Resolution Process (CIRP). Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 06.10.2019 and 10.10.2019, calling upon creditors to submit their claims. The IRP discovered that the Corporate Debtor's registered office had been destroyed by a fire in September 2018, making it impossible to access financial records. The Committee of Creditors (CoC) consisted
…A heavy fire broke out at the registered…
The NCLT admit…