Bank of India filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Pvt. Ltd., seeking initiation of 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 Financial Creditor presented relevant documents, including the CIBIL Report, to support their claim.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Pvt. Ltd., the Corporate Debtor, due to a default of Rs. 13,65,97,120.31. The Tribunal admitted the petition on December 10, 2018, initiating CIRP and appointing Mr. Anil Anchalia as the IRP. The IRP faced non-cooperation from the promoter directors, who withdrew funds after CIRP initiation. The CoC approved the IRP as the Resolution Professional. The RP published an invitation for Expression of Interest (EOI), but only one EOI was received, from the Corporate Debtor's Promoter Director, Mr. Aniruddha Mukherjee. The Resolution Plan submitted by the Promoter and Director was rejected. The RP discovered that the
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The Tribunal passed an order admitting the…
The IRP filed its first…
Bank of India filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Pvt. Ltd., seeking initiation of 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 Financial Creditor presented relevant documents, including the CIBIL Report, to support their claim.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against White & Brown Alloy Castings Pvt. Ltd., the Corporate Debtor, due to a default of Rs. 13,65,97,120.31. The Tribunal admitted the petition on December 10, 2018, initiating CIRP and appointing Mr. Anil Anchalia as the IRP. The IRP faced non-cooperation from the promoter directors, who withdrew funds after CIRP initiation. The CoC approved the IRP as the Resolution Professional. The RP published an invitation for Expression of Interest (EOI), but only one EOI was received, from the Corporate Debtor's Promoter Director, Mr. Aniruddha Mukherjee. The Resolution Plan submitted by the Promoter and Director was rejected. The RP discovered that the
…The Tribunal passed an order admitting the…
The IRP filed its first…