The case pertains to IA(IBC) 1637/2023 filed in CP(IB) No. 11/10/HDB/2017, concerning the liquidation of Kamineni Steels & Power India Pvt Ltd. The liquidation process was initiated following the rejection of a resolution plan. Mr. Racharla Ramakrishna Gupta was appointed as the liquidator. The applicant, Indian Bank, sought the replacement of the liquidator due to delays and lack of progress in the liquidation process. The Stakeholders Consultation Committee (SCC) also recommended replacing the liquidator.
The Corporate Debtor, Kamineni Steels & Power India Pvt Ltd, was admitted into liquidation on 26th October 2018. Indian Bank, the lead financial creditor, filed an application to replace the liquidator, Mr. Racharla Ramakrishna Gupta, due to delays in the liquidation process. The SCC also recommended replacing the liquidator. The liquidator cited delays in relinquishment of security interest by lenders and handing over of original title deeds by Indian Bank as reasons for the slow progress. The first sale notice was issued on 12.10.2019 with a reserve price of Rs.610 Crores. The lenders relinquished the secured asset almost 3 years earlier trusting the Ld. Liquidator will discharge his duties in a timely and orderly manner. The original documents of Sale Deeds were
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CIRP was starte…
Corporate Debtor…
The case pertains to IA(IBC) 1637/2023 filed in CP(IB) No. 11/10/HDB/2017, concerning the liquidation of Kamineni Steels & Power India Pvt Ltd. The liquidation process was initiated following the rejection of a resolution plan. Mr. Racharla Ramakrishna Gupta was appointed as the liquidator. The applicant, Indian Bank, sought the replacement of the liquidator due to delays and lack of progress in the liquidation process. The Stakeholders Consultation Committee (SCC) also recommended replacing the liquidator.
The Corporate Debtor, Kamineni Steels & Power India Pvt Ltd, was admitted into liquidation on 26th October 2018. Indian Bank, the lead financial creditor, filed an application to replace the liquidator, Mr. Racharla Ramakrishna Gupta, due to delays in the liquidation process. The SCC also recommended replacing the liquidator. The liquidator cited delays in relinquishment of security interest by lenders and handing over of original title deeds by Indian Bank as reasons for the slow progress. The first sale notice was issued on 12.10.2019 with a reserve price of Rs.610 Crores. The lenders relinquished the secured asset almost 3 years earlier trusting the Ld. Liquidator will discharge his duties in a timely and orderly manner. The original documents of Sale Deeds were
…CIRP was starte…
Corporate Debtor…