The case involves an application filed under section 33 and section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Hindustan Controls and Equipment Private Limited, the Corporate Debtor, seeking initiation of liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Mahavir Industrial Corporation, the Operational Creditor. The Committee of Creditors (CoC) was formed, and various meetings were held to explore resolution possibilities. However, the resolution plan submitted by a prospective resolution applicant (PRA) was rejected by the CoC.
Mahavir Industrial Corporation, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Hindustan Controls and Equipment Private Limited (Corporate Debtor). Subodh Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, primarily consisting of Punjab National Bank and later SIDBI. Several meetings were conducted to explore resolution possibilities, including inviting Expressions of Interest (EoI) from prospective resolution applicants (PRAs). One PRA, Ms. Vineeta Singhania, submitted a resolution plan, but it was ultimately rejected by the CoC with 100% voting share. The CIRP period was extended multiple times, but no
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Corporate Insolvency Resolution Process (CIRP)…
Public Announcements in Form A was published…
The case involves an application filed under section 33 and section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Hindustan Controls and Equipment Private Limited, the Corporate Debtor, seeking initiation of liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Mahavir Industrial Corporation, the Operational Creditor. The Committee of Creditors (CoC) was formed, and various meetings were held to explore resolution possibilities. However, the resolution plan submitted by a prospective resolution applicant (PRA) was rejected by the CoC.
Mahavir Industrial Corporation, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Hindustan Controls and Equipment Private Limited (Corporate Debtor). Subodh Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, primarily consisting of Punjab National Bank and later SIDBI. Several meetings were conducted to explore resolution possibilities, including inviting Expressions of Interest (EoI) from prospective resolution applicants (PRAs). One PRA, Ms. Vineeta Singhania, submitted a resolution plan, but it was ultimately rejected by the CoC with 100% voting share. The CIRP period was extended multiple times, but no
…Corporate Insolvency Resolution Process (CIRP)…
Public Announcements in Form A was published…