The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Somanil Chemicals Limited, the Corporate Debtor, as no resolution plan was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Somanil Chemicals Limited based on a petition filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP period expired, and despite inviting expressions of interest, no resolution plan was received. The CoC resolved with 100% voting share to recommend liquidation.
Punjab National Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Somanil Chemicals Limited. Mr. Rajiv Bhatnagar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Vekas Kumar Garg. The CIRP period expired on 18.08.2020. An application for exclusion of 166 days and an extension of 90 days for completing the CIRP were granted. Despite inviting expressions of interest twice through Form G, no resolution plan was received. On 16.06.2021, the Committee of Creditors (CoC) resolved with 100% voting share to recommend the liquidation of Somanil Chemicals Limited. The Resolution
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Adjudicating Authority directed initiation of…
The CIRP p…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Somanil Chemicals Limited, the Corporate Debtor, as no resolution plan was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Somanil Chemicals Limited based on a petition filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP period expired, and despite inviting expressions of interest, no resolution plan was received. The CoC resolved with 100% voting share to recommend liquidation.
Punjab National Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Somanil Chemicals Limited. Mr. Rajiv Bhatnagar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Vekas Kumar Garg. The CIRP period expired on 18.08.2020. An application for exclusion of 166 days and an extension of 90 days for completing the CIRP were granted. Despite inviting expressions of interest twice through Form G, no resolution plan was received. On 16.06.2021, the Committee of Creditors (CoC) resolved with 100% voting share to recommend the liquidation of Somanil Chemicals Limited. The Resolution
…Adjudicating Authority directed initiation of…
The CIRP p…