The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nav Jyoti Agro Foods Private Limited. The CIRP was initiated based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The company was admitted into CIRP on 2019-02-06. Initially, Tarun Batra was appointed as the Insolvency Resolution Professional (IRP), but later, Mahesh Chandra Purohit replaced him. The Committee of Creditors (CoC) consisted solely of Punjab National Bank (PNB) as the financial creditor. Several attempts were made to invite resolution plans, but the CoC eventually rejected the plans and opted for liquidation. However, a revised resolution plan was submitted by Chandgi Ram Vipul Kumar through
…Suresh Kumar Rakesh Kumar, an Operational Creditor, filed a petition under Section 9 of the IBC against Nav Jyoti Agro Foods Private Limited, leading to the initiation of CIRP on 2019-02-06. Tarun Batra was initially appointed as IRP but was later replaced by Mahesh Chandra Purohit. Punjab National Bank (PNB) constituted the sole member of the CoC. The CoC initially rejected resolution plans and sought liquidation. Chandgi Ram Vipul Kumar, through Mr. Sahil Singla, submitted a revised resolution plan, which was approved by the CoC with 100% voting share on 2024-07-16. The resolution plan involves a total outlay of Rs. 52.70 crores, including payments to financial and operational creditors, CIRP costs, and investments in the Corporate Debtor. The plan includes
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nav Jyoti Agro Foods Private Limited. The CIRP was initiated based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The company was admitted into CIRP on 2019-02-06. Initially, Tarun Batra was appointed as the Insolvency Resolution Professional (IRP), but later, Mahesh Chandra Purohit replaced him. The Committee of Creditors (CoC) consisted solely of Punjab National Bank (PNB) as the financial creditor. Several attempts were made to invite resolution plans, but the CoC eventually rejected the plans and opted for liquidation. However, a revised resolution plan was submitted by Chandgi Ram Vipul Kumar through
…Suresh Kumar Rakesh Kumar, an Operational Creditor, filed a petition under Section 9 of the IBC against Nav Jyoti Agro Foods Private Limited, leading to the initiation of CIRP on 2019-02-06. Tarun Batra was initially appointed as IRP but was later replaced by Mahesh Chandra Purohit. Punjab National Bank (PNB) constituted the sole member of the CoC. The CoC initially rejected resolution plans and sought liquidation. Chandgi Ram Vipul Kumar, through Mr. Sahil Singla, submitted a revised resolution plan, which was approved by the CoC with 100% voting share on 2024-07-16. The resolution plan involves a total outlay of Rs. 52.70 crores, including payments to financial and operational creditors, CIRP costs, and investments in the Corporate Debtor. The plan includes
…Company Petitio…
Corporate Debtor…