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 petition was admitted on 2019-02-06. Initially, Tarun Batra was appointed as the Insolvency Resolution Professional (IRP), but later, due to the Committee of Creditors' (CoC) decision, Mahesh Chandra Purohit replaced him. The CoC, consisting solely of Punjab National Bank (PNB), sought the replacement of the IRP and appointed a Resolution Professional. Several attempts were made to invite resolution plans, but only a few Prospective Resolution Applicants (PRAs) showed interest. One of
…The CIRP was initiated against Nav Jyoti Agro Foods Private Limited based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor. The company petition was admitted on 2019-02-06. Tarun Batra was initially appointed as the IRP, but later replaced by Mahesh Chandra Purohit. The CoC consisted solely of Punjab National Bank (PNB). Several attempts were made to invite resolution plans, with only a few PRAs showing interest. Rajinder Kumar, the promoter/director of the Corporate Debtor, was initially considered ineligible under Section 29A of the Code but was later deemed eligible as an MSME unit. The CoC rejected the resolution plans and passed a resolution for liquidation. The SRA filed an application against the rejection of their plan. The CoC
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Company Petitio…
Corporate Debtor admitted into the Corporate…
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 petition was admitted on 2019-02-06. Initially, Tarun Batra was appointed as the Insolvency Resolution Professional (IRP), but later, due to the Committee of Creditors' (CoC) decision, Mahesh Chandra Purohit replaced him. The CoC, consisting solely of Punjab National Bank (PNB), sought the replacement of the IRP and appointed a Resolution Professional. Several attempts were made to invite resolution plans, but only a few Prospective Resolution Applicants (PRAs) showed interest. One of
…The CIRP was initiated against Nav Jyoti Agro Foods Private Limited based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor. The company petition was admitted on 2019-02-06. Tarun Batra was initially appointed as the IRP, but later replaced by Mahesh Chandra Purohit. The CoC consisted solely of Punjab National Bank (PNB). Several attempts were made to invite resolution plans, with only a few PRAs showing interest. Rajinder Kumar, the promoter/director of the Corporate Debtor, was initially considered ineligible under Section 29A of the Code but was later deemed eligible as an MSME unit. The CoC rejected the resolution plans and passed a resolution for liquidation. The SRA filed an application against the rejection of their plan. The CoC
…Company Petitio…
Corporate Debtor admitted into the Corporate…