The case involves an application filed by CA Navin Khanedelwal, the Resolution Professional of M/s Gwalior Polypipes Limited (Corporate Debtor), under section 33 of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated by Kotak Mahindra Bank Limited under section 7 of the Code, which was admitted by the Adjudicating Authority on 01.09.2023. The Interim Resolution Professional (IRP) was appointed on 02.11.2023 and made a public announcement on 10.11.2023. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Despite inviting resolution plans, the COC rejected them due to their value being less than the liquidation value
…Kotak Mahindra Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Gwalior Polypipes Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2023-09-01. Navin Khandelwal was appointed as the Interim Resolution Professional (IRP) on 2023-11-02. The IRP made a public announcement of the CIRP on 2023-11-10. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Seven Prospective Resolution Applicants (PRAs) showed interest, but only two submitted resolution plans. The COC rejected both resolution plans because their value was less than the liquidation value of the corporate debtor. The COC resolved to liquidate the corporate debtor on 2024-07-18. The estimated liquidation cost
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Corporate Insolvency…
Mr. Navin Khandelwal…
The case involves an application filed by CA Navin Khanedelwal, the Resolution Professional of M/s Gwalior Polypipes Limited (Corporate Debtor), under section 33 of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated by Kotak Mahindra Bank Limited under section 7 of the Code, which was admitted by the Adjudicating Authority on 01.09.2023. The Interim Resolution Professional (IRP) was appointed on 02.11.2023 and made a public announcement on 10.11.2023. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Despite inviting resolution plans, the COC rejected them due to their value being less than the liquidation value
…Kotak Mahindra Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Gwalior Polypipes Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2023-09-01. Navin Khandelwal was appointed as the Interim Resolution Professional (IRP) on 2023-11-02. The IRP made a public announcement of the CIRP on 2023-11-10. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Seven Prospective Resolution Applicants (PRAs) showed interest, but only two submitted resolution plans. The COC rejected both resolution plans because their value was less than the liquidation value of the corporate debtor. The COC resolved to liquidate the corporate debtor on 2024-07-18. The estimated liquidation cost
…Corporate Insolvency…
Mr. Navin Khandelwal…