The case pertains to a petition filed by Mr. Vikram Singh Rathore, the Liquidator of Dongah Geological Engineering India Private Limited, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the suspension of the voluntary liquidation process. The corporate person, a subsidiary of Dongah Korea, initiated voluntary liquidation after facing business losses and being unable to secure new projects. The holding company waived off its loan to enable the corporate person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting, and the liquidator initiated the process with public announcements. However, a dispute arose regarding a demand from Himachal Pradesh State Electricity Board (HPSEB) for
…Dongah Geological Engineering India Private Limited, a subsidiary of Dongah Korea, initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company faced business losses after completing two projects in Jaipur and Rampur by 2014. The holding company waived off its loan to enable the corporate person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting. A dispute arose with Himachal Pradesh State Electricity Board (HPSEB) regarding a demand for excess load usage, with an outstanding amount of Rs. 35,05,011/- after adjustments. The corporate person's funds were insufficient to meet this demand, leading the liquidator to seek suspension of the liquidation process. The
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Insolvenc…
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The case pertains to a petition filed by Mr. Vikram Singh Rathore, the Liquidator of Dongah Geological Engineering India Private Limited, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the suspension of the voluntary liquidation process. The corporate person, a subsidiary of Dongah Korea, initiated voluntary liquidation after facing business losses and being unable to secure new projects. The holding company waived off its loan to enable the corporate person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting, and the liquidator initiated the process with public announcements. However, a dispute arose regarding a demand from Himachal Pradesh State Electricity Board (HPSEB) for
…Dongah Geological Engineering India Private Limited, a subsidiary of Dongah Korea, initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company faced business losses after completing two projects in Jaipur and Rampur by 2014. The holding company waived off its loan to enable the corporate person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting. A dispute arose with Himachal Pradesh State Electricity Board (HPSEB) regarding a demand for excess load usage, with an outstanding amount of Rs. 35,05,011/- after adjustments. The corporate person's funds were insufficient to meet this demand, leading the liquidator to seek suspension of the liquidation process. The
…Insolvenc…
Corporate person could not get any business…
Sign in to view related legal provisions.