The petition was filed by Singhania International Limited against Sham Udyog Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP). The RP made a public announcement and took possession of the corporate debtor's assets. Due to the inability to complete the CIRP within the prescribed period, an application was filed to extend the period. Forensic audit revealed fraudulent and preferential transactions. Ultimately, the Committee of Creditors (CoC) decided to liquidate the corporate debtor as no resolution plan was received.
Singhania International Limited filed a petition against Sham Udyog Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and Mr. Narender Kumar Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement and visited the corporate debtor's premises, finding the factory dismantled. The RP filed CA No.236/2017 seeking directions for the suspended Board of Directors to cooperate. The RP took physical possession of the corporate debtor's land. The insolvency resolution process could not be completed within 180 days, and the period was extended by 90 days. The Committee of Creditors (CoC) approved the Information Memorandum. A forensic
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The Tribunal admitted the petition initiating…
Public announcement was…
The petition was filed by Singhania International Limited against Sham Udyog Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP). The RP made a public announcement and took possession of the corporate debtor's assets. Due to the inability to complete the CIRP within the prescribed period, an application was filed to extend the period. Forensic audit revealed fraudulent and preferential transactions. Ultimately, the Committee of Creditors (CoC) decided to liquidate the corporate debtor as no resolution plan was received.
Singhania International Limited filed a petition against Sham Udyog Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and Mr. Narender Kumar Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement and visited the corporate debtor's premises, finding the factory dismantled. The RP filed CA No.236/2017 seeking directions for the suspended Board of Directors to cooperate. The RP took physical possession of the corporate debtor's land. The insolvency resolution process could not be completed within 180 days, and the period was extended by 90 days. The Committee of Creditors (CoC) approved the Information Memorandum. A forensic
…The Tribunal admitted the petition initiating…
Public announcement was…