The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Somanil Chemicals Limited, the Corporate Debtor, due to the lack of an approved resolution plan by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Somanil Chemicals Limited following 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 then resolved with 100% voting share to recommend liquidation.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Somanil Chemicals Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. 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. The RP sought an exclusion of 166 days and an extension of 90 days for CIRP completion, which was granted until 01.05.2021. Despite inviting expressions of interest twice, no resolution plan was received. On 16.06.2021, the Committee of Creditors (CoC) resolved with 100% voting share to recommend liquidation. The RP consented to act as liquidator. The RP then filed an application under Section 33(2) of the Code for liquidation.
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The Adjudicating Authority directed initiation…
The initial CIR…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Somanil Chemicals Limited, the Corporate Debtor, due to the lack of an approved resolution plan by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Somanil Chemicals Limited following 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 then resolved with 100% voting share to recommend liquidation.
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Somanil Chemicals Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. 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. The RP sought an exclusion of 166 days and an extension of 90 days for CIRP completion, which was granted until 01.05.2021. Despite inviting expressions of interest twice, no resolution plan was received. On 16.06.2021, the Committee of Creditors (CoC) resolved with 100% voting share to recommend liquidation. The RP consented to act as liquidator. The RP then filed an application under Section 33(2) of the Code for liquidation.
The Adjudicating Authority directed initiation…
The initial CIR…