The case involves an application filed by Allahabad Bank (now Indian Bank after amalgamation) under section 33(3) read with section 74(3) and section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of KND Engineering Technologies Limited. The CIRP was initiated based on an application by Subrata Sarkar under section 9 of the Code. A resolution plan submitted by PND Infrastructure Private Limited was approved by the Committee of Creditors (CoC). However, the applicant alleges a breach of the approved resolution plan by the respondent, leading to the current application seeking liquidation of the corporate debtor.
Subrata Sarkar initiated CIRP against KND Engineering Technologies Limited, leading to the approval of a resolution plan submitted by PND Infrastructure Private Limited. The resolution plan outlined specific payments to secured financial creditors, unsecured financial creditors, operational creditors, and public shareholders. Allahabad Bank (now Indian Bank) filed an application alleging a breach of the resolution plan. The resolution applicant, PND Infrastructure Private Limited, failed to make payments as per the plan, citing a litigation with Fab Leathers Limited and the impact of the Covid-19 pandemic. The applicant claims the respondent's actions violate the resolution plan, warranting liquidation. The respondent argues that the pandemic caused a drop in property
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CIRP initiated against KND Engineering…
The Resolution Plan submitted by the…
The case involves an application filed by Allahabad Bank (now Indian Bank after amalgamation) under section 33(3) read with section 74(3) and section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of KND Engineering Technologies Limited. The CIRP was initiated based on an application by Subrata Sarkar under section 9 of the Code. A resolution plan submitted by PND Infrastructure Private Limited was approved by the Committee of Creditors (CoC). However, the applicant alleges a breach of the approved resolution plan by the respondent, leading to the current application seeking liquidation of the corporate debtor.
Subrata Sarkar initiated CIRP against KND Engineering Technologies Limited, leading to the approval of a resolution plan submitted by PND Infrastructure Private Limited. The resolution plan outlined specific payments to secured financial creditors, unsecured financial creditors, operational creditors, and public shareholders. Allahabad Bank (now Indian Bank) filed an application alleging a breach of the resolution plan. The resolution applicant, PND Infrastructure Private Limited, failed to make payments as per the plan, citing a litigation with Fab Leathers Limited and the impact of the Covid-19 pandemic. The applicant claims the respondent's actions violate the resolution plan, warranting liquidation. The respondent argues that the pandemic caused a drop in property
…CIRP initiated against KND Engineering…
The Resolution Plan submitted by the…