The case involves the Corporate Insolvency Resolution Process (CIRP) of Kuvam Konstruction Private Limited. The CIRP was initiated following a petition by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution plans. However, no resolution plan was received, leading the CoC to decide on liquidation under Section 33 of the IBC. An application (I.A. No. 414/2020) was filed by the Resolution Professional seeking liquidation of the Corporate Debtor. Another application (I.A. No. 2040/2023) was filed by Ashwani Kumar, Amrish Singla, and Abhinav Bawa alleging professional misconduct and failure to adhere to the provisions
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Kuvam Konstruction Private Limited based on a petition filed by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the IBC, 2016. The petition was admitted by the Tribunal on 14.11.2019, and Mr. Parvinder Singh was appointed as the Interim Resolution Professional (IRP). The IRP took necessary steps, including making a public announcement on November 22, 2019, inviting creditors to submit their claims. A Committee of Creditors (CoC) was constituted on December 10, 2019, and in its first meeting on December 16, 2019, the CoC resolved to appoint the IRP as the Resolution Professional (RP). The RP appointed registered valuers to determine the fair value and liquidation value of the
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Tribunal admits the petition for initiation of…
The case involves the Corporate Insolvency Resolution Process (CIRP) of Kuvam Konstruction Private Limited. The CIRP was initiated following a petition by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution plans. However, no resolution plan was received, leading the CoC to decide on liquidation under Section 33 of the IBC. An application (I.A. No. 414/2020) was filed by the Resolution Professional seeking liquidation of the Corporate Debtor. Another application (I.A. No. 2040/2023) was filed by Ashwani Kumar, Amrish Singla, and Abhinav Bawa alleging professional misconduct and failure to adhere to the provisions
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Kuvam Konstruction Private Limited based on a petition filed by an Operational Creditor, Mr. Ashwani Sharma, under Section 9 of the IBC, 2016. The petition was admitted by the Tribunal on 14.11.2019, and Mr. Parvinder Singh was appointed as the Interim Resolution Professional (IRP). The IRP took necessary steps, including making a public announcement on November 22, 2019, inviting creditors to submit their claims. A Committee of Creditors (CoC) was constituted on December 10, 2019, and in its first meeting on December 16, 2019, the CoC resolved to appoint the IRP as the Resolution Professional (RP). The RP appointed registered valuers to determine the fair value and liquidation value of the
…Filing of CP (…
Tribunal admits the petition for initiation of…