The case involves an application (MA 3635/2019) filed by the Resolution Professional (RP) of Tulsi Extrusions Ltd. seeking payment by Allahabad Bank, a financial creditor and member of the Committee of Creditors (CoC), to cover Corporate Insolvency Resolution Process (CIRP) expenses. The principal sum of Rs. 5,43,994/- (minus TDS) was paid by Demand Draft dated 21.01.2020. The bench considered the matter and directed Allahabad Bank to pay interest at 12% p.a. on that amount within one week from 20.02.2020. Subsequently, Allahabad Bank's counsel handed over Demand Draft No. 071037 dated 25.02.2020 for Rs. 48,959 in favor of the RP. The court had ordered the liquidation of the Corporate Debtor vide order dated 20.02.2020 in MA-3576/2019 in C.P. (IB) 3171/2018. Mr. Amit
…Punjab National Bank initiated insolvency proceedings against Tulsi Extrusions Ltd. Allahabad Bank, a financial creditor and member of the CoC, was directed to pay CIRP expenses amounting to Rs. 5,43,994/-. The principal amount was paid via Demand Draft dated 21.01.2020. The court directed Allahabad Bank to pay interest at 12% p.a. on the outstanding amount. Allahabad Bank subsequently paid Rs. 48,959 via Demand Draft dated 25.02.2020. An order for the liquidation of Tulsi Extrusion Limited was issued on 20.02.2020. Mr. Amit C. Poddar, the former RP, consented to act as the liquidator. The application MA-3635/2019, seeking payment, was disposed of as infructuous. The key facts are the initial application for payment, the court's direction for interest payment, the
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The case involves an application (MA 3635/2019) filed by the Resolution Professional (RP) of Tulsi Extrusions Ltd. seeking payment by Allahabad Bank, a financial creditor and member of the Committee of Creditors (CoC), to cover Corporate Insolvency Resolution Process (CIRP) expenses. The principal sum of Rs. 5,43,994/- (minus TDS) was paid by Demand Draft dated 21.01.2020. The bench considered the matter and directed Allahabad Bank to pay interest at 12% p.a. on that amount within one week from 20.02.2020. Subsequently, Allahabad Bank's counsel handed over Demand Draft No. 071037 dated 25.02.2020 for Rs. 48,959 in favor of the RP. The court had ordered the liquidation of the Corporate Debtor vide order dated 20.02.2020 in MA-3576/2019 in C.P. (IB) 3171/2018. Mr. Amit
…Punjab National Bank initiated insolvency proceedings against Tulsi Extrusions Ltd. Allahabad Bank, a financial creditor and member of the CoC, was directed to pay CIRP expenses amounting to Rs. 5,43,994/-. The principal amount was paid via Demand Draft dated 21.01.2020. The court directed Allahabad Bank to pay interest at 12% p.a. on the outstanding amount. Allahabad Bank subsequently paid Rs. 48,959 via Demand Draft dated 25.02.2020. An order for the liquidation of Tulsi Extrusion Limited was issued on 20.02.2020. Mr. Amit C. Poddar, the former RP, consented to act as the liquidator. The application MA-3635/2019, seeking payment, was disposed of as infructuous. The key facts are the initial application for payment, the court's direction for interest payment, the
…Principal sum of Rs.…
Court ordered the liquidation of the…
Sign in to view related legal provisions.