The case involves the Corporate Insolvency Resolution Process (CIRP) of Shri Aster Silicates Ltd. initiated due to a default of Rs. 12,35,000.00. Hasmukhbhai Somabhai Patel, an Operational Creditor, filed CP(IB)No. 366/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016. Parag Sheth was initially appointed as the Interim Resolution Professional (IRP), later replaced by Divyesh Desai. The CIRP period was extended, but the company's operations had ceased since FY 2017, and the CoC members were contributing to maintain the Corporate Debtor during the CIRP.
Hasmukhbhai Somabhai Patel, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shri Aster Silicates Ltd. due to a default of Rs. 12,35,000.00. The petition, CP(IB)No. 366/2018, was admitted on October 15, 2018, with CIRP commencing on October 22, 2018. Parag Sheth was initially appointed as the Interim Resolution Professional (IRP), but Divyesh Desai replaced him following a CoC decision. The CIRP period was extended by 90 days beyond the initial 180 days, expiring on July 18, 2019. The company's operations ceased in FY 2017, and the CoC members were contributing to maintain the Corporate Debtor during the CIRP. The Resolution Professional filed IA No. 448 of 2019 seeking liquidation under Section 33 of the Insolvency and
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CP(IB)No. 366/2018…
Corporate Ins…
The case involves the Corporate Insolvency Resolution Process (CIRP) of Shri Aster Silicates Ltd. initiated due to a default of Rs. 12,35,000.00. Hasmukhbhai Somabhai Patel, an Operational Creditor, filed CP(IB)No. 366/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016. Parag Sheth was initially appointed as the Interim Resolution Professional (IRP), later replaced by Divyesh Desai. The CIRP period was extended, but the company's operations had ceased since FY 2017, and the CoC members were contributing to maintain the Corporate Debtor during the CIRP.
Hasmukhbhai Somabhai Patel, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shri Aster Silicates Ltd. due to a default of Rs. 12,35,000.00. The petition, CP(IB)No. 366/2018, was admitted on October 15, 2018, with CIRP commencing on October 22, 2018. Parag Sheth was initially appointed as the Interim Resolution Professional (IRP), but Divyesh Desai replaced him following a CoC decision. The CIRP period was extended by 90 days beyond the initial 180 days, expiring on July 18, 2019. The company's operations ceased in FY 2017, and the CoC members were contributing to maintain the Corporate Debtor during the CIRP. The Resolution Professional filed IA No. 448 of 2019 seeking liquidation under Section 33 of the Insolvency and
…CP(IB)No. 366/2018…
Corporate Ins…