The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, SPS Ispat & Power Limited, due to the absence of a viable resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Cecil Antony & Ors. (Trustees of NSHM Academy and Hari Charan Garg Charitable Trust) under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims. The Committee of Creditors (CoC) was constituted, and invitations for Expression of Interest (EoI) were published multiple times. A resolution plan was received from NSHM Academy but was later withdrawn. With no other
…Cecil Antony & Ors. (Trustees of NSHM Academy and Hari Charan Garg Charitable Trust) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Ispat & Power Limited, leading to the initiation of CIRP. The Adjudicating Authority ordered the initiation of CIRP on 2019-08-08. Santosh Choraria was appointed as the Interim Resolution Professional (IRP). Public announcement in Form 'A' was made on 2019-08-09, with a last date for submission of claims as 2019-08-22. The Committee of Creditors (CoC) was constituted on 2019-08-31, comprising six financial creditors. Rakesh Kumar Agarwal was appointed as the RP, replacing the IRP, confirmed on 2019-10-29. An Invitation for Expression of Interest (EoI) was published on 2019-10-21, with the
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The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, SPS Ispat & Power Limited, due to the absence of a viable resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Cecil Antony & Ors. (Trustees of NSHM Academy and Hari Charan Garg Charitable Trust) under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims. The Committee of Creditors (CoC) was constituted, and invitations for Expression of Interest (EoI) were published multiple times. A resolution plan was received from NSHM Academy but was later withdrawn. With no other
…Cecil Antony & Ors. (Trustees of NSHM Academy and Hari Charan Garg Charitable Trust) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SPS Ispat & Power Limited, leading to the initiation of CIRP. The Adjudicating Authority ordered the initiation of CIRP on 2019-08-08. Santosh Choraria was appointed as the Interim Resolution Professional (IRP). Public announcement in Form 'A' was made on 2019-08-09, with a last date for submission of claims as 2019-08-22. The Committee of Creditors (CoC) was constituted on 2019-08-31, comprising six financial creditors. Rakesh Kumar Agarwal was appointed as the RP, replacing the IRP, confirmed on 2019-10-29. An Invitation for Expression of Interest (EoI) was published on 2019-10-21, with the
…Adjudicating Authority…
Public announcement in…