The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, to dispose of the underlying Company Petition bearing CP No. 432/KB/2019. The Corporate Insolvency Resolution Process (CIRP) was initiated against Raigarh Properties Private Limited based on an application filed by Asset Reconstruction Company (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 27.02.2020. During the CIRP, the Resolution Professional (RP) received resolution plans, which were presented to the Committee of Creditors (CoC). Simultaneously, the suspended board of directors challenged the admission of the Corporate Debtor into CIRP before the NCLAT, which was dismissed on 26.03.2021.
Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Raigarh Properties Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 27.02.2020. Mr. Kamal Nayan Jain was appointed as the RP. During the CIRP, resolution plans were received and presented to the CoC. The suspended board of directors challenged the CIRP admission order before NCLAT, which was dismissed on 26.03.2021. A settlement proposal was received from the suspended board of directors on 31.03.2021, leading to negotiations. The CoC approved the withdrawal of the Company Petition with 100% votes in favor. A sum of Rs.14.83 crore was paid by the members of the
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Corporate Insolvency Resolution Process (CIRP)…
The Hon'ble NCLAT dismissed the appeal…
The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, to dispose of the underlying Company Petition bearing CP No. 432/KB/2019. The Corporate Insolvency Resolution Process (CIRP) was initiated against Raigarh Properties Private Limited based on an application filed by Asset Reconstruction Company (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 27.02.2020. During the CIRP, the Resolution Professional (RP) received resolution plans, which were presented to the Committee of Creditors (CoC). Simultaneously, the suspended board of directors challenged the admission of the Corporate Debtor into CIRP before the NCLAT, which was dismissed on 26.03.2021.
Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Raigarh Properties Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 27.02.2020. Mr. Kamal Nayan Jain was appointed as the RP. During the CIRP, resolution plans were received and presented to the CoC. The suspended board of directors challenged the CIRP admission order before NCLAT, which was dismissed on 26.03.2021. A settlement proposal was received from the suspended board of directors on 31.03.2021, leading to negotiations. The CoC approved the withdrawal of the Company Petition with 100% votes in favor. A sum of Rs.14.83 crore was paid by the members of the
…Corporate Insolvency Resolution Process (CIRP)…
The Hon'ble NCLAT dismissed the appeal…