The case involves multiple interlocutory applications concerning the Corporate Insolvency Resolution Process (CIRP) of M/s Action Ispat and Power Private Limited. The primary application, IA No. 476 (PB) 2023, was filed by the Resolution Professional for the approval of a Resolution Plan. Other applications include objections to the Resolution Plan and a request for the release of a slag crushing unit.
The Resolution Professional (RP), Ms. Maya Gupta, filed IA No. 476 (PB) 2023 under Sections 30(6) and 31(1) of the IBC, 2016, read with Regulation 39(4) of the IBBI (CIRP Regulations), 2016, seeking approval for the Resolution Plan submitted by M/s Ocean Capital Market Limited for M/s Action Ispat and Power Limited, the Corporate Debtor. The underlying Company Petition, CP (IB) No. 1096(PB)2018, was filed by State Bank of India and later substituted by CFM Asset Reconstruction Pvt. Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor's plant was shut down in 2016 and went into liquidation on August 27, 2018, due to non-payment of dues to an operational creditor. The RP faced challenges in obtaining requisite records due to
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The Company Petition CP (IB) No.1096(PB)2018…
Ms. Maya Gupta was…
The case involves multiple interlocutory applications concerning the Corporate Insolvency Resolution Process (CIRP) of M/s Action Ispat and Power Private Limited. The primary application, IA No. 476 (PB) 2023, was filed by the Resolution Professional for the approval of a Resolution Plan. Other applications include objections to the Resolution Plan and a request for the release of a slag crushing unit.
The Resolution Professional (RP), Ms. Maya Gupta, filed IA No. 476 (PB) 2023 under Sections 30(6) and 31(1) of the IBC, 2016, read with Regulation 39(4) of the IBBI (CIRP Regulations), 2016, seeking approval for the Resolution Plan submitted by M/s Ocean Capital Market Limited for M/s Action Ispat and Power Limited, the Corporate Debtor. The underlying Company Petition, CP (IB) No. 1096(PB)2018, was filed by State Bank of India and later substituted by CFM Asset Reconstruction Pvt. Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor's plant was shut down in 2016 and went into liquidation on August 27, 2018, due to non-payment of dues to an operational creditor. The RP faced challenges in obtaining requisite records due to
…The Company Petition CP (IB) No.1096(PB)2018…
Ms. Maya Gupta was…