The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Abhijeet Integrated Steel Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. A resolution plan submitted by Orissa Metaliks Pvt Ltd. was considered, but the RP observed deficiencies in the plan, specifically the lack of necessary projections to evaluate feasibility and viability. The Resolution Applicant failed to provide the
…IDBI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Integrated Steel Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, including Jammu and Kashmir Bank ltd., Bank of Maharashtra, Karur Vaisya Bank Ltd, IDBI, Bank Ltd. and Bank of India. A resolution plan from Orissa Metaliks Pvt Ltd. was presented to the CoC. The RP identified deficiencies in the resolution plan, specifically the lack of projections required to evaluate feasibility and viability. The Resolution Applicant failed to provide the necessary
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In the CoC meeting, Kamlesh Kumar Singhania was…
The case pertains to an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Abhijeet Integrated Steel Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed. A resolution plan submitted by Orissa Metaliks Pvt Ltd. was considered, but the RP observed deficiencies in the plan, specifically the lack of necessary projections to evaluate feasibility and viability. The Resolution Applicant failed to provide the
…IDBI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Abhijeet Integrated Steel Limited, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Kamlesh Kumar Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, including Jammu and Kashmir Bank ltd., Bank of Maharashtra, Karur Vaisya Bank Ltd, IDBI, Bank Ltd. and Bank of India. A resolution plan from Orissa Metaliks Pvt Ltd. was presented to the CoC. The RP identified deficiencies in the resolution plan, specifically the lack of projections required to evaluate feasibility and viability. The Resolution Applicant failed to provide the necessary
…The Adjudicating Authority directed the…
In the CoC meeting, Kamlesh Kumar Singhania was…