The case involves an application filed by the Resolution Professional (RP) of A.P. Steel Re Rolling Mill Limited, seeking an order for liquidation of the Corporate Debtor. The Corporate Debtor faced financial difficulties, ceased operations in FY 2022, had no cash flow, and no employees were engaged. An operational creditor, M/s. S.N. Steels, Palakkad, had initiated CIRP under Section 9 of IBC, 2016, due to a default of Rs.2,64,38,134/- plus 12% interest. The Committee of Creditors (CoC), with Federal Bank holding 100% voting rights, resolved to proceed with liquidation under Section 33(2) of the IBC, 2016.
M/s. S.N. Steels, Palakkad, an operational creditor, filed a petition under Section 9 of IBC, 2016, against A.P. Steel Re Rolling Mill Limited (Corporate Debtor) due to an operational debt default of Rs.2,64,38,134/- plus 12% interest from 2022-03-24, amounting to Rs.60,88,914/- as of 2024-02-24. The Tribunal admitted the petition on 2024-05-02 and appointed the Applicant as the RP. A public announcement was made on 2024-05-04, inviting claims from creditors. The Corporate Debtor received claims totaling Rs.316,214,321/-, of which Rs.234,347,025/- was admitted by the RP. The RP found that the Corporate Debtor had ceased operations in FY 2022, had no cash flow, and no employees were engaged. The CoC, with Federal Bank holding 100% voting rights, resolved on 2024-06-10
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Operational debt…
The debt amou…
The case involves an application filed by the Resolution Professional (RP) of A.P. Steel Re Rolling Mill Limited, seeking an order for liquidation of the Corporate Debtor. The Corporate Debtor faced financial difficulties, ceased operations in FY 2022, had no cash flow, and no employees were engaged. An operational creditor, M/s. S.N. Steels, Palakkad, had initiated CIRP under Section 9 of IBC, 2016, due to a default of Rs.2,64,38,134/- plus 12% interest. The Committee of Creditors (CoC), with Federal Bank holding 100% voting rights, resolved to proceed with liquidation under Section 33(2) of the IBC, 2016.
M/s. S.N. Steels, Palakkad, an operational creditor, filed a petition under Section 9 of IBC, 2016, against A.P. Steel Re Rolling Mill Limited (Corporate Debtor) due to an operational debt default of Rs.2,64,38,134/- plus 12% interest from 2022-03-24, amounting to Rs.60,88,914/- as of 2024-02-24. The Tribunal admitted the petition on 2024-05-02 and appointed the Applicant as the RP. A public announcement was made on 2024-05-04, inviting claims from creditors. The Corporate Debtor received claims totaling Rs.316,214,321/-, of which Rs.234,347,025/- was admitted by the RP. The RP found that the Corporate Debtor had ceased operations in FY 2022, had no cash flow, and no employees were engaged. The CoC, with Federal Bank holding 100% voting rights, resolved on 2024-06-10
…Operational debt…
The debt amou…