Turnaround Consultants Private Limited filed an application for acceptance of a Resolution Plan for Venus Rolling Mills Private Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on April 22, 2019, and Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP). The applicant, Turnaround Consultants, sought to submit an EOI and a Resolution Plan, but failed to do so within the stipulated time. The Resolution Professional and the Committee of Creditors (CoC) resolved to liquidate the Corporate Applicant due to the absence of a viable Resolution Plan. The applicant argued that the lockdown due to the Covid-19 pandemic prevented them from
…Venus Rolling Mills Private Limited initiated CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on April 22, 2019, and appointed Mr. Devendra Singh as the Interim Resolution Professional (IRP). The IRP made a public announcement on May 2, 2019, inviting claims from creditors. Turnaround Consultants Private Limited, a consulting company, sought to submit an Expression of Interest (EOI) and a Resolution Plan. The last date for submission of EOI was December 6, 2019, and for the Resolution Plan, it was December 30, 2019. Turnaround Consultants failed to submit either by these dates. The CIRP period was initially set to expire on October 18, 2019, but was extended by 60 days to January 16, 2020.
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The Adjudicating Authority admitted the…
The IRP made a public…
Turnaround Consultants Private Limited filed an application for acceptance of a Resolution Plan for Venus Rolling Mills Private Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on April 22, 2019, and Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP). The applicant, Turnaround Consultants, sought to submit an EOI and a Resolution Plan, but failed to do so within the stipulated time. The Resolution Professional and the Committee of Creditors (CoC) resolved to liquidate the Corporate Applicant due to the absence of a viable Resolution Plan. The applicant argued that the lockdown due to the Covid-19 pandemic prevented them from
…Venus Rolling Mills Private Limited initiated CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on April 22, 2019, and appointed Mr. Devendra Singh as the Interim Resolution Professional (IRP). The IRP made a public announcement on May 2, 2019, inviting claims from creditors. Turnaround Consultants Private Limited, a consulting company, sought to submit an Expression of Interest (EOI) and a Resolution Plan. The last date for submission of EOI was December 6, 2019, and for the Resolution Plan, it was December 30, 2019. Turnaround Consultants failed to submit either by these dates. The CIRP period was initially set to expire on October 18, 2019, but was extended by 60 days to January 16, 2020.
…The Adjudicating Authority admitted the…
The IRP made a public…