The Resolution Professional, Pramod Kumar, filed an application under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation process for Govind Electrica Private Limited. The CIRP was initiated following an application by the Operational Creditor, R.R Kabel Limited, under section 9 of the Code. The CIRP faced roadblocks due to non-cooperation by the sole member of the Committee of Creditors (CoC), Shriram City Union Finance Limited. Despite Tribunal directions, the CoC failed to ratify costs, approve Form-G for inviting Expression of Interest (EOI), or propose any resolution plan. The CIRP period of 270 days expired on 22.12.2023 without any resolution plan being received.
R.R Kabel Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Govind Electrica Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 21.09.2022. Mr. Pramod Kumar Misra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement on 23.09.2022. The Committee of Creditors (CoC) was formed with Shriram City Union Finance Limited as the sole member. The CIRP faced roadblocks due to the CoC's non-cooperation, failing to confirm the RP, ratify costs, or approve Form-G for inviting Expression of Interest (EOI). The Applicant filed an application bearing no. IA/146/2023 before this Tribunal due to
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The Resolution Professional, Pramod Kumar, filed an application under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation process for Govind Electrica Private Limited. The CIRP was initiated following an application by the Operational Creditor, R.R Kabel Limited, under section 9 of the Code. The CIRP faced roadblocks due to non-cooperation by the sole member of the Committee of Creditors (CoC), Shriram City Union Finance Limited. Despite Tribunal directions, the CoC failed to ratify costs, approve Form-G for inviting Expression of Interest (EOI), or propose any resolution plan. The CIRP period of 270 days expired on 22.12.2023 without any resolution plan being received.
R.R Kabel Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Govind Electrica Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 21.09.2022. Mr. Pramod Kumar Misra was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP made a public announcement on 23.09.2022. The Committee of Creditors (CoC) was formed with Shriram City Union Finance Limited as the sole member. The CIRP faced roadblocks due to the CoC's non-cooperation, failing to confirm the RP, ratify costs, or approve Form-G for inviting Expression of Interest (EOI). The Applicant filed an application bearing no. IA/146/2023 before this Tribunal due to
…The main mat…
The Tribunal admitted the application under…