Hero Steels Limited initiated insolvency proceedings against Rolex Cycles Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 13.07.2017, leading to a moratorium. Anil Kumar was initially appointed as the Interim Resolution Professional (IRP), but Canara Bank sought his replacement. Nipan Bansal was then appointed as the Resolution Professional (RP). The 180-day resolution period expired on 08.01.2018, without a resolution plan being received or an extension sought. The Tribunal noted this failure and, citing Section 33(1) of the I&B Code, initiated liquidation proceedings. Dinesh Kumar Seth was appointed as the Liquidator. This case highlights the importance of adhering to the timelines prescribed by the IBC

Hero Steels Limited initiated insolvency proceedings against Rolex Cycles Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 13.07.2017, leading to a moratorium. Anil Kumar was initially appointed as the Interim Resolution Professional (IRP), but Canara Bank sought his replacement. Nipan Bansal was then appointed as the Resolution Professional (RP). The 180-day resolution period expired on 08.01.2018, without a resolution plan being received or an extension sought. The Tribunal noted this failure and, citing Section 33(1) of the I&B Code, initiated liquidation proceedings. Dinesh Kumar Seth was appointed as the Liquidator. This case highlights the importance of adhering to the timelines prescribed by the IBC