The case pertains to an application filed by the Resolution Professional (RP) under section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Bansal Diamonds Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Punjab National Bank under section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority appointed Mr. Reetesh Kumar Agarwal as the Interim Resolution Professional (IRP), who was later confirmed as RP.
Punjab National Bank, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Bansal Diamonds Private Limited. Reetesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts to find a resolution plan, the Committee of Creditors (CoC) found no possibility of revival due to the absence of cash flow and the closure of the Corporate Debtor's business. The CoC, with 84% voting share, recommended liquidation. The RP then filed an application under Section 33(2) of the Code for liquidation. The RP obtained consent from Reetesh Kumar Agarwal to act as liquidator. The
…Sign in to view the parties.
The Adjudicating Authority passed an order for…
The Applicant made a public announcement in…
The case pertains to an application filed by the Resolution Professional (RP) under section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Bansal Diamonds Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Punjab National Bank under section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority appointed Mr. Reetesh Kumar Agarwal as the Interim Resolution Professional (IRP), who was later confirmed as RP.
Punjab National Bank, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Bansal Diamonds Private Limited. Reetesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Despite efforts to find a resolution plan, the Committee of Creditors (CoC) found no possibility of revival due to the absence of cash flow and the closure of the Corporate Debtor's business. The CoC, with 84% voting share, recommended liquidation. The RP then filed an application under Section 33(2) of the Code for liquidation. The RP obtained consent from Reetesh Kumar Agarwal to act as liquidator. The
…The Adjudicating Authority passed an order for…
The Applicant made a public announcement in…