Allahabad Bank 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 Ural India Limited. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was formed, and public announcements were made to invite claims. However, the CoC later decided to seek liquidation of the Corporate Debtor, as it was not a going concern.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Ural India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Public announcements were made to invite claims from creditors. The CoC, in its sixth meeting on 24.09.2020, observed that Ural India Limited had no land and was not operational since 2014, leading to a decision to liquidate the company. The CoC approved the liquidation with 100% voting share. The Resolution Professional (RP) then filed an application seeking liquidation. In the 7th CoC meeting dated 14.10.2020, Mr. Sanjit Kumar Nayak was proposed as the Liquidator, and the previous RP, Mr. Saurabh Basu,
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Adjudicating Authority directed initiation of…
Public announcement was…
Allahabad Bank 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 Ural India Limited. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was formed, and public announcements were made to invite claims. However, the CoC later decided to seek liquidation of the Corporate Debtor, as it was not a going concern.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Ural India Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Public announcements were made to invite claims from creditors. The CoC, in its sixth meeting on 24.09.2020, observed that Ural India Limited had no land and was not operational since 2014, leading to a decision to liquidate the company. The CoC approved the liquidation with 100% voting share. The Resolution Professional (RP) then filed an application seeking liquidation. In the 7th CoC meeting dated 14.10.2020, Mr. Sanjit Kumar Nayak was proposed as the Liquidator, and the previous RP, Mr. Saurabh Basu,
…Adjudicating Authority directed initiation of…
Public announcement was…