The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Kamineni Steels & Power India Pvt Ltd. The petition was admitted on 10.02.2017. Subsequently, the resolution plan submitted by the corporate applicant was not approved by the Hon'ble Apex Court on 26.10.2018, leading to an order for liquidation of the Corporate Person. Mr. Racharla Ramakrishna Gupta was appointed as the Liquidator. The liquidation process commenced on 26.10.2018, and the final report was filed on 08.03.2024. Several extensions were granted to complete the liquidation process, during which e-auctions were conducted but remained unsuccessful for a prolonged period. Mr. Kallat Vatsa Kumar was later appointed as the Liquidator on 08.11.2023.
Kamineni Steels & Power India Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP) after a petition was admitted on 10.02.2017. A resolution plan failed, leading to liquidation starting 26.10.2018. Racharla Ramakrishna Gupta was the initial liquidator, succeeded by Kallat Vatsa Kumar on 08.11.2023. Multiple extensions were granted for liquidation due to unsuccessful e-auctions. The company's assets included land (143.825 acres) and a 350,000 MTPA steel billet plant in Nalgonda District. Valuations were conducted in Jan-2019, Jun-2022, and Nov-2023, with the final liquidation value at Rs. 450.50 crores. Six sale notices were issued, with the 4th attracting a successful bid from Nimmagadda Suryapradeep Biotech P Ltd, which later defaulted, leading to EMD
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Petition filed under U/S 10 of the Code was…
Resolution Plan submitted by Corporate…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Kamineni Steels & Power India Pvt Ltd. The petition was admitted on 10.02.2017. Subsequently, the resolution plan submitted by the corporate applicant was not approved by the Hon'ble Apex Court on 26.10.2018, leading to an order for liquidation of the Corporate Person. Mr. Racharla Ramakrishna Gupta was appointed as the Liquidator. The liquidation process commenced on 26.10.2018, and the final report was filed on 08.03.2024. Several extensions were granted to complete the liquidation process, during which e-auctions were conducted but remained unsuccessful for a prolonged period. Mr. Kallat Vatsa Kumar was later appointed as the Liquidator on 08.11.2023.
Kamineni Steels & Power India Pvt Ltd faced Corporate Insolvency Resolution Process (CIRP) after a petition was admitted on 10.02.2017. A resolution plan failed, leading to liquidation starting 26.10.2018. Racharla Ramakrishna Gupta was the initial liquidator, succeeded by Kallat Vatsa Kumar on 08.11.2023. Multiple extensions were granted for liquidation due to unsuccessful e-auctions. The company's assets included land (143.825 acres) and a 350,000 MTPA steel billet plant in Nalgonda District. Valuations were conducted in Jan-2019, Jun-2022, and Nov-2023, with the final liquidation value at Rs. 450.50 crores. Six sale notices were issued, with the 4th attracting a successful bid from Nimmagadda Suryapradeep Biotech P Ltd, which later defaulted, leading to EMD
…Petition filed under U/S 10 of the Code was…
Resolution Plan submitted by Corporate…