The case pertains to an application filed under section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of Mittal Corp Limited. The CIRP was initiated by Punjab National Bank (Erstwhile Oriental Bank of Commerce) under Section 7 of the Code on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP), and subsequently, the Committee of Creditors (CoC) was constituted on 01.12.2021. The resolution plan submitted by Shyam Sel and Power Limited was approved by 100% of the CoC votes.
Mittal Corp Limited was incorporated on 05.07.1985, initially as Jewels Steel Limited, later renamed Jewel Seamless Limited, and finally Mittal Corp Limited. The company manufactures stainless steel products. Due to continuous losses and defaults in repayment to a consortium of banks led by Punjab National Bank, the account was declared NPA in 2016. The company was overleveraged, making it difficult to service its interest obligations. Punjab National Bank initiated CIRP against Mittal Corp Limited under Section 7 of the IBC on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 01.12.2021. The applicant received 29 expressions of interest. The 6th meeting of CoC held on
…Sign in to view the parties.
The Corporate Debtor…
The account of the…
The case pertains to an application filed under section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of Mittal Corp Limited. The CIRP was initiated by Punjab National Bank (Erstwhile Oriental Bank of Commerce) under Section 7 of the Code on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP), and subsequently, the Committee of Creditors (CoC) was constituted on 01.12.2021. The resolution plan submitted by Shyam Sel and Power Limited was approved by 100% of the CoC votes.
Mittal Corp Limited was incorporated on 05.07.1985, initially as Jewels Steel Limited, later renamed Jewel Seamless Limited, and finally Mittal Corp Limited. The company manufactures stainless steel products. Due to continuous losses and defaults in repayment to a consortium of banks led by Punjab National Bank, the account was declared NPA in 2016. The company was overleveraged, making it difficult to service its interest obligations. Punjab National Bank initiated CIRP against Mittal Corp Limited under Section 7 of the IBC on 10.11.2021. Mr. Ashok Kumar Gulla was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted on 01.12.2021. The applicant received 29 expressions of interest. The 6th meeting of CoC held on
…The Corporate Debtor…
The account of the…