The case involves an application filed by the Resolution Professional (RP) of Adi Ispat Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC), with State Bank of India as the sole member, unanimously recommended liquidation as a going concern since no resolution plans were approved. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Daulat Ram Jain due to apprehension by the Central Bureau of Investigation on bribery charges.
Adi Ispat Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor and the sole member of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Adi Ispat Private Limited on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Daulat Ram Jain. The CoC unanimously recommended liquidation of the Corporate Debtor as a going concern because no resolution plans were approved. The CIRP period ended on 15/05/2022, after exclusions for COVID restrictions and other periods. The Resolution Professional, Mr. Daulat Ram Jain, consented to act as Liquidator. The CoC approved the liquidation with the required voting
…Sign in to view the parties.
CIRP initiated…
Public Announc…
Sign in to view related legal provisions.
The case involves an application filed by the Resolution Professional (RP) of Adi Ispat Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC), with State Bank of India as the sole member, unanimously recommended liquidation as a going concern since no resolution plans were approved. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mr. Daulat Ram Jain due to apprehension by the Central Bureau of Investigation on bribery charges.
Adi Ispat Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor and the sole member of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated against Adi Ispat Private Limited on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Daulat Ram Jain. The CoC unanimously recommended liquidation of the Corporate Debtor as a going concern because no resolution plans were approved. The CIRP period ended on 15/05/2022, after exclusions for COVID restrictions and other periods. The Resolution Professional, Mr. Daulat Ram Jain, consented to act as Liquidator. The CoC approved the liquidation with the required voting
…CIRP initiated…
Public Announc…
Sign in to view related legal provisions.