The case involves an application filed by Bank of India under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application and initiated CIRP, appointing Mr. Anil Anchalia as the Interim Resolution Professional (IRP). The IRP filed progress reports detailing the CIRP's progress, including the appointment of registered valuers and the non-cooperation of the corporate debtor's promoter directors. The resolution plan submitted by the promoter director was rejected, and it was discovered that the applicant was a willful
…Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of CIRP. The corporate debtor failed to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application on December 10, 2018, and appointed Mr. Anil Anchalia as the IRP. The IRP filed progress reports detailing the CIRP's progress. The promoter directors of the corporate debtor were non-cooperative and withdrew funds from Uco Bank after the initiation of CIRP. The invitation for Expression of Interest (EOI) was published on 04.04.2019. The resolution plan submitted by the promoter director was rejected. The applicant was a willful defaulter. The extended period of CIRP
…Sign in to view the parties.
The Tribunal passed the order of admission…
Mr. Anil Anchalia was…
The case involves an application filed by Bank of India under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's failure to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application and initiated CIRP, appointing Mr. Anil Anchalia as the Interim Resolution Professional (IRP). The IRP filed progress reports detailing the CIRP's progress, including the appointment of registered valuers and the non-cooperation of the corporate debtor's promoter directors. The resolution plan submitted by the promoter director was rejected, and it was discovered that the applicant was a willful
…Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Private Limited, seeking initiation of CIRP. The corporate debtor failed to repay an outstanding amount of Rs. 13,65,97,120.31. The Tribunal admitted the application on December 10, 2018, and appointed Mr. Anil Anchalia as the IRP. The IRP filed progress reports detailing the CIRP's progress. The promoter directors of the corporate debtor were non-cooperative and withdrew funds from Uco Bank after the initiation of CIRP. The invitation for Expression of Interest (EOI) was published on 04.04.2019. The resolution plan submitted by the promoter director was rejected. The applicant was a willful defaulter. The extended period of CIRP
…The Tribunal passed the order of admission…
Mr. Anil Anchalia was…