Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Haridwar Iron & Ispat Rollings Limited due to debt and default. Sanjay Gupta was initially appointed as Interim Resolution Professional (IRP), later replaced by Kashi Vishwanathan Sivaraman. Sivaraman, as the new Resolution Professional, invited Expression of Interest (Eol) for the Corporate Debtor. Alfa Ingot Private Limited was declared the highest bidder. The sole member of the CoC, Punjab National Bank, rejected the resolution plan and approved liquidation. Kashi Vishwanathan Sivaraman was appointed as Liquidator. The Liquidator conducted multiple E-Auctions, which were unsuccessful due to COVID-19. Mr. Chhota, proprietor of Laxman Enterprises, was declared the highest bidder
…Punjab National Bank initiated CIRP against Haridwar Iron & Ispat Rollings Limited. The CIRP commenced on 2018-05-22. Sanjay Gupta was initially appointed as IRP, later replaced by Kashi Vishwanathan Sivaraman. An E-Auction was conducted by the Liquidator, Kashi Vishwanathan Sivaraman, where Mr. Chhota of M/s. Laxman Enterprises was declared the highest bidder for plant and machinery on 2020-10-22. The sale was on an 'As is where is basis'. The applicant sought an extension of time to pay, which was granted. The sale certificate was issued on 2021-02-02. The applicant claimed that some parts of the machinery were missing when he went to take possession on 2021-02-12. The Liquidator denied the claim, citing the 'As is where is basis' of the sale. The Liquidator had
…Sign in to view the parties.
Tribunal initiated Corporate Insolvency…
Committee of Creditors (CoC) confirmed the…
Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) against Haridwar Iron & Ispat Rollings Limited due to debt and default. Sanjay Gupta was initially appointed as Interim Resolution Professional (IRP), later replaced by Kashi Vishwanathan Sivaraman. Sivaraman, as the new Resolution Professional, invited Expression of Interest (Eol) for the Corporate Debtor. Alfa Ingot Private Limited was declared the highest bidder. The sole member of the CoC, Punjab National Bank, rejected the resolution plan and approved liquidation. Kashi Vishwanathan Sivaraman was appointed as Liquidator. The Liquidator conducted multiple E-Auctions, which were unsuccessful due to COVID-19. Mr. Chhota, proprietor of Laxman Enterprises, was declared the highest bidder
…Punjab National Bank initiated CIRP against Haridwar Iron & Ispat Rollings Limited. The CIRP commenced on 2018-05-22. Sanjay Gupta was initially appointed as IRP, later replaced by Kashi Vishwanathan Sivaraman. An E-Auction was conducted by the Liquidator, Kashi Vishwanathan Sivaraman, where Mr. Chhota of M/s. Laxman Enterprises was declared the highest bidder for plant and machinery on 2020-10-22. The sale was on an 'As is where is basis'. The applicant sought an extension of time to pay, which was granted. The sale certificate was issued on 2021-02-02. The applicant claimed that some parts of the machinery were missing when he went to take possession on 2021-02-12. The Liquidator denied the claim, citing the 'As is where is basis' of the sale. The Liquidator had
…Tribunal initiated Corporate Insolvency…
Committee of Creditors (CoC) confirmed the…