The case pertains to the voluntary liquidation of M/s. Iskon Infra Engineering Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 26.10.2009 under the Companies Act, 1956. The liquidator filed an application seeking dissolution of the company. The RoC and Central Bank of India raised objections, pointing out outstanding charges against the company, failure to file balance sheets, and the company's role as a corporate guarantor for Abhinav Steels and Power Limited, which is undergoing CIRP. The liquidator contended that the Central Bank of India cannot claim the same amount of debt from both the principal borrower and corporate guarantor simultaneously.
M/s. Iskon Infra Engineering Private Limited initiated voluntary liquidation under Section 59 of the IBC, 2016. The company was incorporated on 26.10.2009. The liquidator made a public announcement and opened a bank account for realizing assets. The liquidator realized Rs. 1,93,897 from the current assets. The company had non-current investments of Rs 1,96,82,470 approx. in forms of unquoted shares. The RoC raised objections, noting outstanding charges against the company and failure to file balance sheets. The Central Bank of India objected, stating that the company was a corporate guarantor for Abhinav Steels and Power Limited, which is undergoing CIRP. Abhinav Steels and Power Limited had been granted a term loan and working capital facilities by a consortium of
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M/s. Iskon Infra Engineering Private Limited…
Board of Director at Board meeting decided to…
The case pertains to the voluntary liquidation of M/s. Iskon Infra Engineering Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 26.10.2009 under the Companies Act, 1956. The liquidator filed an application seeking dissolution of the company. The RoC and Central Bank of India raised objections, pointing out outstanding charges against the company, failure to file balance sheets, and the company's role as a corporate guarantor for Abhinav Steels and Power Limited, which is undergoing CIRP. The liquidator contended that the Central Bank of India cannot claim the same amount of debt from both the principal borrower and corporate guarantor simultaneously.
M/s. Iskon Infra Engineering Private Limited initiated voluntary liquidation under Section 59 of the IBC, 2016. The company was incorporated on 26.10.2009. The liquidator made a public announcement and opened a bank account for realizing assets. The liquidator realized Rs. 1,93,897 from the current assets. The company had non-current investments of Rs 1,96,82,470 approx. in forms of unquoted shares. The RoC raised objections, noting outstanding charges against the company and failure to file balance sheets. The Central Bank of India objected, stating that the company was a corporate guarantor for Abhinav Steels and Power Limited, which is undergoing CIRP. Abhinav Steels and Power Limited had been granted a term loan and working capital facilities by a consortium of
…M/s. Iskon Infra Engineering Private Limited…
Board of Director at Board meeting decided to…