The Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Refinery Private Limited based on a Section 9 petition filed by the Financial Creditor, Raksha Bullion. Mr. Nandkishor Vishnupant Deshpande was appointed as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. The claims from one Financial Creditor and three Operational Creditors were admitted to a cumulative amount of INR 46.71 Crores. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution of the Corporate Debtor. However, the CoC decided not to pursue the sale of the Corporate Debtor as a going concern and opted for liquidation.
Raksha Bullion, a Financial Creditor, initiated CIRP against Royal Refinery Private Limited. The CIRP was initiated on 2019-11-13. Nandkishor Vishnupant Deshpande was appointed as IRP. Claims were invited from creditors, and claims worth INR 46.71 Crores were admitted. Yes Bank was the sole financial creditor in the CoC. The CoC decided against selling the Corporate Debtor as a going concern. Valuations were conducted, with fair value estimated at INR 31,95,000 - INR 32,24,000 and liquidation value estimated at INR 16,12,000 - INR 16,55,000. The CoC approved liquidation with 100% voting. Nandkishor Vishnupant Deshpande was replaced by Arihant Nenawati as the Liquidator. The application for liquidation was filed under Section 33 of the Code. The relevance of these facts
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Corporate Insolvency Resolution Process (CIRP)…
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The Corporate Insolvency Resolution Process (CIRP) was initiated against Royal Refinery Private Limited based on a Section 9 petition filed by the Financial Creditor, Raksha Bullion. Mr. Nandkishor Vishnupant Deshpande was appointed as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. The claims from one Financial Creditor and three Operational Creditors were admitted to a cumulative amount of INR 46.71 Crores. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss the resolution of the Corporate Debtor. However, the CoC decided not to pursue the sale of the Corporate Debtor as a going concern and opted for liquidation.
Raksha Bullion, a Financial Creditor, initiated CIRP against Royal Refinery Private Limited. The CIRP was initiated on 2019-11-13. Nandkishor Vishnupant Deshpande was appointed as IRP. Claims were invited from creditors, and claims worth INR 46.71 Crores were admitted. Yes Bank was the sole financial creditor in the CoC. The CoC decided against selling the Corporate Debtor as a going concern. Valuations were conducted, with fair value estimated at INR 31,95,000 - INR 32,24,000 and liquidation value estimated at INR 16,12,000 - INR 16,55,000. The CoC approved liquidation with 100% voting. Nandkishor Vishnupant Deshpande was replaced by Arihant Nenawati as the Liquidator. The application for liquidation was filed under Section 33 of the Code. The relevance of these facts
…Corporate Insolvency Resolution Process (CIRP)…
Applicant made public…