The case pertains to a petition filed by the liquidator of Dongah Geological Engineering India Private Limited, seeking suspension of the voluntary liquidation process under Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 40(2) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The corporate person, a subsidiary of Dongah Korea, faced financial difficulties after completing two projects, leading to voluntary liquidation approved by its members. The liquidator initiated the liquidation process, but the corporate person lacked sufficient funds to meet outstanding demands, particularly from HPSEB regarding excess load charges. The Registrar of Companies reported that the company had not submitted a final report in compliance with IBBI
…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 financial difficulties after completing two projects, with losses incurred in the Rampur project. The Holding Company waived off its loan (ECB) to enable the Corporate Person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting. The liquidator initiated the process with public announcements. A dispute arose with Himachal Pradesh State Electricity Board (HPSEB) regarding excess load charges at the Rampur project, leading to an appeal before the Divisional Commissioner, Shimla. The company's funds were insufficient
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The case pertains to a petition filed by the liquidator of Dongah Geological Engineering India Private Limited, seeking suspension of the voluntary liquidation process under Section 59 of the Insolvency and Bankruptcy Code, 2016, and Regulation 40(2) of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The corporate person, a subsidiary of Dongah Korea, faced financial difficulties after completing two projects, leading to voluntary liquidation approved by its members. The liquidator initiated the liquidation process, but the corporate person lacked sufficient funds to meet outstanding demands, particularly from HPSEB regarding excess load charges. The Registrar of Companies reported that the company had not submitted a final report in compliance with IBBI
…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 financial difficulties after completing two projects, with losses incurred in the Rampur project. The Holding Company waived off its loan (ECB) to enable the Corporate Person to meet other liabilities. The voluntary liquidation was approved by the members in an extra-ordinary general meeting. The liquidator initiated the process with public announcements. A dispute arose with Himachal Pradesh State Electricity Board (HPSEB) regarding excess load charges at the Rampur project, leading to an appeal before the Divisional Commissioner, Shimla. The company's funds were insufficient
…The Insolven…
The IBBI (Voluntary…
Sign in to view related legal provisions.