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 was no longer a going concern. The Committee of Creditors (CoC), with Federal Bank as the sole financial creditor holding 100% voting rights, decided to proceed with liquidation under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP was appointed following the admission of a petition filed by an operational creditor, M/s. S.N. Steels, Palakkad, under Section 9 of the IBC, 2016, for an operational debt default.
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, the Corporate Debtor, due to an operational debt default of Rs.2,64,38,134/- plus 12% interest from 24.03.2022, amounting to Rs.60,88,914/- as of 24.02.2024. The Tribunal admitted the petition on 02.05.2024 and appointed the Applicant as the RP. The Applicant made a public announcement on 04.05.2024, inviting claims from creditors. The Corporate Debtor received claims totalling Rs.316,214,321/-, wherein Rs.234,347,025/- was admitted by the RP. 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 to proceed with
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Operational debt…
Amount du…
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 was no longer a going concern. The Committee of Creditors (CoC), with Federal Bank as the sole financial creditor holding 100% voting rights, decided to proceed with liquidation under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The RP was appointed following the admission of a petition filed by an operational creditor, M/s. S.N. Steels, Palakkad, under Section 9 of the IBC, 2016, for an operational debt default.
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, the Corporate Debtor, due to an operational debt default of Rs.2,64,38,134/- plus 12% interest from 24.03.2022, amounting to Rs.60,88,914/- as of 24.02.2024. The Tribunal admitted the petition on 02.05.2024 and appointed the Applicant as the RP. The Applicant made a public announcement on 04.05.2024, inviting claims from creditors. The Corporate Debtor received claims totalling Rs.316,214,321/-, wherein Rs.234,347,025/- was admitted by the RP. 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 to proceed with
…Operational debt…
Amount du…