The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) of Basukinath Agro Private Limited was initiated on 05 November 2019, following a Company Petition filed under section 9 by Poddar Business Private Limited, the Operational Creditor. Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP). The IRP published Form A and invited claims from creditors on 11 November 2019, subsequently forming a Committee of Creditors (CoC).
Poddar Business Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Basukinath Agro Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 05 November 2019, and Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors and formed a Committee of Creditors (CoC). The CoC initially did not appoint Registered Valuers, leading to intervention by the Adjudicating Authority. Two Registered Valuers were later appointed. The Forensic Auditor submitted a report. The Corporate Debtor's liquidity position deteriorated significantly. CoC meetings were infrequent. The CoC did not pay CIRP costs, which were covered by the Applicant (presumably the
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Adjudicating Authority ordered initiation of…
IRP published Form A…
The case involves an application under section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with rule 11 of the National Company Law Tribunal Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) of Basukinath Agro Private Limited was initiated on 05 November 2019, following a Company Petition filed under section 9 by Poddar Business Private Limited, the Operational Creditor. Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP). The IRP published Form A and invited claims from creditors on 11 November 2019, subsequently forming a Committee of Creditors (CoC).
Poddar Business Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Basukinath Agro Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 05 November 2019, and Parag Chakrabarti was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from creditors and formed a Committee of Creditors (CoC). The CoC initially did not appoint Registered Valuers, leading to intervention by the Adjudicating Authority. Two Registered Valuers were later appointed. The Forensic Auditor submitted a report. The Corporate Debtor's liquidity position deteriorated significantly. CoC meetings were infrequent. The CoC did not pay CIRP costs, which were covered by the Applicant (presumably the
…Adjudicating Authority ordered initiation of…
IRP published Form A…