The case involves an application (IA(IBC)/954(KB)2021) filed under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Bihar State Construction Corporation Limited, the Corporate Debtor, seeking liquidation. An earlier petition under section 10 of the IBC led to the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 16/10/2019. Public announcements were made inviting claims from creditors. An appeal was filed by the Bihar State Construction Corporation Ltd. Employee Union against the CIRP order, which was eventually dismissed by the NCLAT on 19/09/2022. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor as no resolution plan was received and the
…Bihar State Construction Corporation Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Nitesh Kumar More was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. An appeal against the CIRP initiation was filed by the Bihar State Construction Corporation Ltd. Employee Union but was eventually dismissed by the NCLAT. The Committee of Creditors (CoC) held seven meetings. Due to the absence of any viable resolution plan and the company's continued losses, the CoC, with 100% voting share, resolved to liquidate the Corporate Debtor.
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Order passed for initiation of CIRP against…
Public announcement in Form A published in…
The case involves an application (IA(IBC)/954(KB)2021) filed under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Bihar State Construction Corporation Limited, the Corporate Debtor, seeking liquidation. An earlier petition under section 10 of the IBC led to the initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on 16/10/2019. Public announcements were made inviting claims from creditors. An appeal was filed by the Bihar State Construction Corporation Ltd. Employee Union against the CIRP order, which was eventually dismissed by the NCLAT on 19/09/2022. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor as no resolution plan was received and the
…Bihar State Construction Corporation Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Nitesh Kumar More was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. An appeal against the CIRP initiation was filed by the Bihar State Construction Corporation Ltd. Employee Union but was eventually dismissed by the NCLAT. The Committee of Creditors (CoC) held seven meetings. Due to the absence of any viable resolution plan and the company's continued losses, the CoC, with 100% voting share, resolved to liquidate the Corporate Debtor.
…Order passed for initiation of CIRP against…
Public announcement in Form A published in…