The case pertains to a Company Petition (IB) No.512/KB/2017 filed by Busilink Associates against Stesalit Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The petition was initiated because the Corporate Debtor, Stesalit Limited, was unable to pay its dues. The Adjudicating Authority admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who later made a public announcement about the CIRP and called for Expression of Interest for a Resolution Plan. The Corporate Debtor had two Financial Creditors, 44 Operational Creditors, two government departments claiming tax dues, and 239 workmen and employees.
Busilink Associates filed a petition against Stesalit Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016, due to the Corporate Debtor's inability to pay dues. The Adjudicating Authority admitted the petition and initiated CIRP. Samir Kumar Bhattacharya was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and called for Expression of Interest for a Resolution Plan. The Corporate Debtor had two Financial Creditors, 44 Operational Creditors, two government departments claiming tax dues, and 239 workmen and employees. The RP received three proposals, including one from River Rail JV, Delhi, and ARC Finance Ltd., Kolkata. The CoC rejected ARC Finance Ltd.'s proposal. The RP submitted the Resolution Plan of River
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The case pertains to a Company Petition (IB) No.512/KB/2017 filed by Busilink Associates against Stesalit Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The petition was initiated because the Corporate Debtor, Stesalit Limited, was unable to pay its dues. The Adjudicating Authority admitted the petition and initiated the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who later made a public announcement about the CIRP and called for Expression of Interest for a Resolution Plan. The Corporate Debtor had two Financial Creditors, 44 Operational Creditors, two government departments claiming tax dues, and 239 workmen and employees.
Busilink Associates filed a petition against Stesalit Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016, due to the Corporate Debtor's inability to pay dues. The Adjudicating Authority admitted the petition and initiated CIRP. Samir Kumar Bhattacharya was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and called for Expression of Interest for a Resolution Plan. The Corporate Debtor had two Financial Creditors, 44 Operational Creditors, two government departments claiming tax dues, and 239 workmen and employees. The RP received three proposals, including one from River Rail JV, Delhi, and ARC Finance Ltd., Kolkata. The CoC rejected ARC Finance Ltd.'s proposal. The RP submitted the Resolution Plan of River
…The Adjudicating Authority admitted the…
The order of appointment of R.P. was later on…