The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Delhi Control Devices Private Limited. National Products initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CIRP was initiated after the corporate debtor defaulted on its debt obligations. An initial settlement attempt failed, leading to the revival of the CIRP. Ashok Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then invited Expression of Interest (EOI) for resolution plans. The resolution plan submitted by Statcon Electronics India Limited was approved by the Committee of Creditors (CoC) with a majority of 80.60% voting share. The Adjudicating Authority is now
…National Products filed a petition under Section 9 of the IBC to initiate CIRP against Delhi Control Devices Private Limited due to unpaid debts. The CIRP commenced on February 15, 2019. Ashok Kumar Gupta was appointed as the IRP and later confirmed as the RP. The RP made a public announcement on July 11, 2019, inviting claims from creditors. The RP received claims from financial creditors, operational creditors, workmen & employees, and government dues. The total claims amounted to ₹229.53 Lakhs, out of which ₹221.65 Lakhs were admitted. The CoC held twenty-four meetings during the CIRP period. The RP invited Expression of Interest (EOI) for resolution plans, and three EOIs were received. Statcon Electronics India Limited and M/s Sunrise Industries submitted
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The Company Petition CP…
Insolvency Commencement…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Delhi Control Devices Private Limited. National Products initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CIRP was initiated after the corporate debtor defaulted on its debt obligations. An initial settlement attempt failed, leading to the revival of the CIRP. Ashok Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then invited Expression of Interest (EOI) for resolution plans. The resolution plan submitted by Statcon Electronics India Limited was approved by the Committee of Creditors (CoC) with a majority of 80.60% voting share. The Adjudicating Authority is now
…National Products filed a petition under Section 9 of the IBC to initiate CIRP against Delhi Control Devices Private Limited due to unpaid debts. The CIRP commenced on February 15, 2019. Ashok Kumar Gupta was appointed as the IRP and later confirmed as the RP. The RP made a public announcement on July 11, 2019, inviting claims from creditors. The RP received claims from financial creditors, operational creditors, workmen & employees, and government dues. The total claims amounted to ₹229.53 Lakhs, out of which ₹221.65 Lakhs were admitted. The CoC held twenty-four meetings during the CIRP period. The RP invited Expression of Interest (EOI) for resolution plans, and three EOIs were received. Statcon Electronics India Limited and M/s Sunrise Industries submitted
…The Company Petition CP…
Insolvency Commencement…