The case pertains to an application under Section 33 of the Insolvency and Bankruptcy Code filed by Asset Reconstruction Co. (India) Limited (ARCL) through its Resolution Professional (RP). ARCL, as the sole financial creditor, acquired the assets of the corporate debtor via an assignment agreement. The initial petition was admitted on 2018-05-10, with the initial 180-day period expiring on 2018-11-06. The total debt owed by the corporate debtor is Rs. 126.71 crores. The expression of interest was floated on 2018-07-30, but no resolution plan applicant came forward. The Committee of Creditors (CoC), consisting solely of ARCL, decided to issue another advertisement, which was repeated on 2018-08-16.
Asset Reconstruction Co. (India) Limited (ARCL) initiated insolvency proceedings against Rustogi Impex Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code. ARCL is the sole financial creditor, having acquired the corporate debtor's assets through an assignment agreement. The initial petition was admitted on 2018-05-10, with the 180-day period ending on 2018-11-06. The total debt owed by the corporate debtor is Rs. 126.71 crores. An expression of interest was floated on 2018-07-30, but no resolution plan applicant came forward. The Committee of Creditors (CoC), consisting only of ARCL, decided to issue another advertisement, which was repeated on 2018-08-16. The court found the public notice inadequate. The liquidation value is Rs. 8,57,40,089/-.
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The initial p…
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The case pertains to an application under Section 33 of the Insolvency and Bankruptcy Code filed by Asset Reconstruction Co. (India) Limited (ARCL) through its Resolution Professional (RP). ARCL, as the sole financial creditor, acquired the assets of the corporate debtor via an assignment agreement. The initial petition was admitted on 2018-05-10, with the initial 180-day period expiring on 2018-11-06. The total debt owed by the corporate debtor is Rs. 126.71 crores. The expression of interest was floated on 2018-07-30, but no resolution plan applicant came forward. The Committee of Creditors (CoC), consisting solely of ARCL, decided to issue another advertisement, which was repeated on 2018-08-16.
Asset Reconstruction Co. (India) Limited (ARCL) initiated insolvency proceedings against Rustogi Impex Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code. ARCL is the sole financial creditor, having acquired the corporate debtor's assets through an assignment agreement. The initial petition was admitted on 2018-05-10, with the 180-day period ending on 2018-11-06. The total debt owed by the corporate debtor is Rs. 126.71 crores. An expression of interest was floated on 2018-07-30, but no resolution plan applicant came forward. The Committee of Creditors (CoC), consisting only of ARCL, decided to issue another advertisement, which was repeated on 2018-08-16. The court found the public notice inadequate. The liquidation value is Rs. 8,57,40,089/-.
The initial p…
An expression of…