The case pertains to an application filed under Sections 33 and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Baid Industries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by the Financial Creditor, Meliora Asset Reconstruction Company Limited, which was admitted on 07.12.2022. Mr. Murali Prasad Nalam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting proof of claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Meliora Asset Reconstruction Company Limited. The RP was later replaced by Mr. Vikash G Jain.
…Meliora Asset Reconstruction Company Limited initiated CIRP against Baid Industries Private Limited. The CIRP was admitted on 07.12.2022, and Mr. Murali Prasad Nalam was appointed as IRP. A CoC was formed, including State Bank of India and Meliora Asset Reconstruction Company Limited. Mr. Vikash G Jain replaced Mr. Nalam as RP. The RP issued Form G twice, but the CoC rejected all resolution plans with 98.62% voting share. The CoC then resolved to liquidate the Corporate Debtor and appoint Mr. Jigar Tarunkumar Bhatt as liquidator. The 330-day CIRP period expired on 02.11.2023, and the liquidation application was filed on 27.11.2023. The applicant sought condonation for the delay. The CoC decided to take the Corporate Debtor into liquidation, citing no technically and
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The Corporate Insolvency Resolution Process…
Mr. Murali Prasad Nalam…
The case pertains to an application filed under Sections 33 and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Baid Industries Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following an application by the Financial Creditor, Meliora Asset Reconstruction Company Limited, which was admitted on 07.12.2022. Mr. Murali Prasad Nalam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting proof of claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Meliora Asset Reconstruction Company Limited. The RP was later replaced by Mr. Vikash G Jain.
…Meliora Asset Reconstruction Company Limited initiated CIRP against Baid Industries Private Limited. The CIRP was admitted on 07.12.2022, and Mr. Murali Prasad Nalam was appointed as IRP. A CoC was formed, including State Bank of India and Meliora Asset Reconstruction Company Limited. Mr. Vikash G Jain replaced Mr. Nalam as RP. The RP issued Form G twice, but the CoC rejected all resolution plans with 98.62% voting share. The CoC then resolved to liquidate the Corporate Debtor and appoint Mr. Jigar Tarunkumar Bhatt as liquidator. The 330-day CIRP period expired on 02.11.2023, and the liquidation application was filed on 27.11.2023. The applicant sought condonation for the delay. The CoC decided to take the Corporate Debtor into liquidation, citing no technically and
…The Corporate Insolvency Resolution Process…
Mr. Murali Prasad Nalam…