The case involves an application filed by Mr. Sanjeev Chaudhary, the Resolution Professional (RP) of M/s Advance Nath Agri Chemicals Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor following an application by an operational creditor under Section 9 of the Code, which was admitted on 2020-12-15. The RP constituted a Committee of Creditors (COC) with two members, TCI Freight and Astec Lifesciences Limited. The COC, in its meeting on 2021-02-16, discussed the withdrawal of the application based on a settlement request from the respondent. However, the corporate debtor failed to honor the settlement deed.
…Astec Lifescience Limited initiated Corporate Insolvency Resolution Process (CIRP) against Advance Nath Agri Chemicals Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2020-12-15. Sanjeev Chaudhary was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, consisting of TCI Freight (0.210% voting rights) and Astec Lifesciences Limited (99.789% voting rights). In a meeting on 2021-02-16, the COC considered a settlement request from the respondent but the settlement failed. The corporate debtor's last audited financial statements were for 2017-18, and the RP couldn't obtain updated financial information. In a meeting on 2021-09-16, the
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The application under Section 9 of the Code…
The 1st meeting of the COC discussed the…
The case involves an application filed by Mr. Sanjeev Chaudhary, the Resolution Professional (RP) of M/s Advance Nath Agri Chemicals Private Limited, under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor following an application by an operational creditor under Section 9 of the Code, which was admitted on 2020-12-15. The RP constituted a Committee of Creditors (COC) with two members, TCI Freight and Astec Lifesciences Limited. The COC, in its meeting on 2021-02-16, discussed the withdrawal of the application based on a settlement request from the respondent. However, the corporate debtor failed to honor the settlement deed.
…Astec Lifescience Limited initiated Corporate Insolvency Resolution Process (CIRP) against Advance Nath Agri Chemicals Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2020-12-15. Sanjeev Chaudhary was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, consisting of TCI Freight (0.210% voting rights) and Astec Lifesciences Limited (99.789% voting rights). In a meeting on 2021-02-16, the COC considered a settlement request from the respondent but the settlement failed. The corporate debtor's last audited financial statements were for 2017-18, and the RP couldn't obtain updated financial information. In a meeting on 2021-09-16, the
…The application under Section 9 of the Code…
The 1st meeting of the COC discussed the…