The case pertains to I.A. No. 3713/2023 filed in C.P.(IB)-996(ND)/2020 before the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the corporate insolvency resolution process (CIRP) of PG Advertising Private Limited, the Corporate Debtor. The CIRP was initiated upon an application by Tulsi Nandan Kant Bansal, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 18.10.2022. Mr. Vinay Kumar Singhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then filed an application under Section 30(6) of the IBC, seeking approval of the resolution plan submitted by RK Advertising Service.
The Corporate Insolvency Resolution Process (CIRP) was initiated against PG Advertising Private Limited following an application by the Financial Creditor, Tulsi Nandan Kant Bansal, under Section 7 of the IBC. The application was admitted on 18.10.2022. Vinay Kumar Singhal was appointed as the Resolution Professional (RP). The RP made a public announcement on 06.11.2022 to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and it was discovered that the Corporate Debtor held 99% shareholding in Dev Versha Publication Private Limited, a related party. The RP obtained valuations of the Corporate Debtor's assets. The RP received Expression of Interest (EOI) from two Prospective Resolution Applicants (PRAs): RK Advertising Service and KDM
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The underlying main petition…
The Section 7 application filed by Tulsi…
The case pertains to I.A. No. 3713/2023 filed in C.P.(IB)-996(ND)/2020 before the National Company Law Tribunal (NCLT), New Delhi Bench, concerning the corporate insolvency resolution process (CIRP) of PG Advertising Private Limited, the Corporate Debtor. The CIRP was initiated upon an application by Tulsi Nandan Kant Bansal, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, which was admitted on 18.10.2022. Mr. Vinay Kumar Singhal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then filed an application under Section 30(6) of the IBC, seeking approval of the resolution plan submitted by RK Advertising Service.
The Corporate Insolvency Resolution Process (CIRP) was initiated against PG Advertising Private Limited following an application by the Financial Creditor, Tulsi Nandan Kant Bansal, under Section 7 of the IBC. The application was admitted on 18.10.2022. Vinay Kumar Singhal was appointed as the Resolution Professional (RP). The RP made a public announcement on 06.11.2022 to invite claims from creditors. The Committee of Creditors (CoC) was constituted, and it was discovered that the Corporate Debtor held 99% shareholding in Dev Versha Publication Private Limited, a related party. The RP obtained valuations of the Corporate Debtor's assets. The RP received Expression of Interest (EOI) from two Prospective Resolution Applicants (PRAs): RK Advertising Service and KDM
…The underlying main petition…
The Section 7 application filed by Tulsi…