The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Punjab National Bank (Financial Creditor) against M/s. Ramanand Steel Limited (Corporate Debtor). The application was admitted on 20.03.2018, and Mr. Dushyant Dave was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). After the admission, a public announcement was made on 14.05.2018, inviting claims against the Corporate Debtor. The IRP enquired about the company's past operations and found that the factory shed and plant & machinery had been sold by the banks under SARFAESI. The only remaining asset was a piece of land admeasuring 17 acres located on Shirdi Road near Nashik.
Punjab National Bank initiated insolvency proceedings against M/s. Ramanand Steel Limited under Section 7 of the IBC. The NCLT admitted the application on 20.03.2018, appointing Mr. Dushyant Dave as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional. A public announcement was made on 14.05.2018 to invite claims. The Corporate Debtor's factory shed and plant & machinery were sold by the banks under SARFAESI. The only remaining asset was 17 acres of land near Nashik, valued at approximately Rs. 15 crores. The Corporate Debtor had outstanding dues, including MSEB dues of 1.83 Crores, Sales Tax of 1.17 Crores, and Excise dues of 7 Crores. The Corporate Debtor had been non-operational since 31.03.2012, had no employees, and was not a
…Sign in to view the parties.
The application under Section 7 of the IBC…
Mr. Dushyant Dave was…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Punjab National Bank (Financial Creditor) against M/s. Ramanand Steel Limited (Corporate Debtor). The application was admitted on 20.03.2018, and Mr. Dushyant Dave was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). After the admission, a public announcement was made on 14.05.2018, inviting claims against the Corporate Debtor. The IRP enquired about the company's past operations and found that the factory shed and plant & machinery had been sold by the banks under SARFAESI. The only remaining asset was a piece of land admeasuring 17 acres located on Shirdi Road near Nashik.
Punjab National Bank initiated insolvency proceedings against M/s. Ramanand Steel Limited under Section 7 of the IBC. The NCLT admitted the application on 20.03.2018, appointing Mr. Dushyant Dave as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional. A public announcement was made on 14.05.2018 to invite claims. The Corporate Debtor's factory shed and plant & machinery were sold by the banks under SARFAESI. The only remaining asset was 17 acres of land near Nashik, valued at approximately Rs. 15 crores. The Corporate Debtor had outstanding dues, including MSEB dues of 1.83 Crores, Sales Tax of 1.17 Crores, and Excise dues of 7 Crores. The Corporate Debtor had been non-operational since 31.03.2012, had no employees, and was not a
…The application under Section 7 of the IBC…
Mr. Dushyant Dave was…