The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Brahmaputra Rolling Mills Pvt. Ltd. The Corporate Debtor (Brahmaputra Rolling Mills Pvt. Ltd.) was admitted into the Corporate Insolvency Resolution Process (CIRP) on 18th November 2022, following an application under Section 10 of the IBC. Mr. Purshotam Gaggar was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Ms. Meena Sureka based on a decision by the Committee of Creditors (CoC). The CoC, noting that the tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act, decided to initiate liquidation instead of pursuing a resolution plan. The Adjudicating Authority appointed Ms.
…The Corporate Debtor, Brahmaputra Rolling Mills Pvt. Ltd., faced insolvency proceedings initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on November 18, 2022. Initially, Mr. Purshotam Gaggar was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed and, in its first meeting on December 21, 2022, decided to replace Mr. Gaggar with Ms. Meena Sureka as the Resolution Professional (RP). The tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act. The CoC decided to initiate liquidation under Section 33(2) of the IBC, rather than pursue a resolution plan. The Adjudicating Authority appointed Ms. Meena Sureka as the RP on February 10, 2023. The
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Application under Section 10 of the IBC…
Committee of Creditors (CoC) decides to replace…
The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of Brahmaputra Rolling Mills Pvt. Ltd. The Corporate Debtor (Brahmaputra Rolling Mills Pvt. Ltd.) was admitted into the Corporate Insolvency Resolution Process (CIRP) on 18th November 2022, following an application under Section 10 of the IBC. Mr. Purshotam Gaggar was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Ms. Meena Sureka based on a decision by the Committee of Creditors (CoC). The CoC, noting that the tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act, decided to initiate liquidation instead of pursuing a resolution plan. The Adjudicating Authority appointed Ms.
…The Corporate Debtor, Brahmaputra Rolling Mills Pvt. Ltd., faced insolvency proceedings initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on November 18, 2022. Initially, Mr. Purshotam Gaggar was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed and, in its first meeting on December 21, 2022, decided to replace Mr. Gaggar with Ms. Meena Sureka as the Resolution Professional (RP). The tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act. The CoC decided to initiate liquidation under Section 33(2) of the IBC, rather than pursue a resolution plan. The Adjudicating Authority appointed Ms. Meena Sureka as the RP on February 10, 2023. The
…Application under Section 10 of the IBC…
Committee of Creditors (CoC) decides to replace…