Punjab National Bank (PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Vasudev Ispat Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 15/02/2018. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. Despite inviting resolution plans, only one plan was received from Leasing Finance India Limited. PNB, holding 39.81% voting share, rejected the plan, leading to a request for liquidation.
Punjab National Bank (PNB) initiated CIRP against Vasudev Ispat Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 15/02/2018. Pradip Kumar Goenka was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, consisting of IDBI Bank Ltd. (10.75% voting share), Invent Assets Reconstruction Pvt. Ltd. (49.39% voting share), Murli Vinimay Pvt. Ltd. (0.05% voting share), and PNB (39.81% voting share). Only one resolution plan was received from Leasing Finance India Limited. PNB rejected the plan due to a perceived lesser plan assignment compared to their claim. The RP filed a Final Progress Report on 25/10/2018, stating the inability to procure a resolution plan. The liquidation
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CIRP against Vasudev…
RP filed the Final…
Punjab National Bank (PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Vasudev Ispat Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 15/02/2018. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. Despite inviting resolution plans, only one plan was received from Leasing Finance India Limited. PNB, holding 39.81% voting share, rejected the plan, leading to a request for liquidation.
Punjab National Bank (PNB) initiated CIRP against Vasudev Ispat Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 15/02/2018. Pradip Kumar Goenka was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, consisting of IDBI Bank Ltd. (10.75% voting share), Invent Assets Reconstruction Pvt. Ltd. (49.39% voting share), Murli Vinimay Pvt. Ltd. (0.05% voting share), and PNB (39.81% voting share). Only one resolution plan was received from Leasing Finance India Limited. PNB rejected the plan due to a perceived lesser plan assignment compared to their claim. The RP filed a Final Progress Report on 25/10/2018, stating the inability to procure a resolution plan. The liquidation
…CIRP against Vasudev…
RP filed the Final…