The application was filed by the Resolution Professional (RP) seeking liquidation of the Corporate Guarantor, Lord Vrindavanbihari Trading Pvt. Ltd., due to the impossibility of resolution. The Adjudicating Authority, on 30.01.2023, initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Guarantor based on a petition filed by the Financial Creditor, Bank of Baroda, under section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP on 07.06.2023. Form G was published in newspapers in February 2023, and the CoC was constituted on 28.02.2023 with Bank of Baroda as the sole member.
The Bank of Baroda, acting as the Financial Creditor, initiated proceedings against Lord Vrindavanbihari Trading Pvt. Ltd., the Corporate Guarantor. The Corporate Guarantor provided a guarantee to the Principal borrower NIIL Infrastructure Pvt. Ltd., which was already admitted into CIRP. The Adjudicating Authority initiated CIRP against the Corporate Guarantor on 30.01.2023. Sajjan Kumar Dokania was appointed as the IRP and later confirmed as RP. The RP found that the Corporate Debtor had no turnover for the last four years and no fixed assets. The CoC, consisting solely of Bank of Baroda, recommended liquidation. The RP filed an application under section 33(2) of the Code for liquidation. The IBBI circular dated 08.07.2023 was considered, highlighting the low average
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NIIL Infrastructure…
Adjudicating Authority initiated CIRP against…
The application was filed by the Resolution Professional (RP) seeking liquidation of the Corporate Guarantor, Lord Vrindavanbihari Trading Pvt. Ltd., due to the impossibility of resolution. The Adjudicating Authority, on 30.01.2023, initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Guarantor based on a petition filed by the Financial Creditor, Bank of Baroda, under section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP on 07.06.2023. Form G was published in newspapers in February 2023, and the CoC was constituted on 28.02.2023 with Bank of Baroda as the sole member.
The Bank of Baroda, acting as the Financial Creditor, initiated proceedings against Lord Vrindavanbihari Trading Pvt. Ltd., the Corporate Guarantor. The Corporate Guarantor provided a guarantee to the Principal borrower NIIL Infrastructure Pvt. Ltd., which was already admitted into CIRP. The Adjudicating Authority initiated CIRP against the Corporate Guarantor on 30.01.2023. Sajjan Kumar Dokania was appointed as the IRP and later confirmed as RP. The RP found that the Corporate Debtor had no turnover for the last four years and no fixed assets. The CoC, consisting solely of Bank of Baroda, recommended liquidation. The RP filed an application under section 33(2) of the Code for liquidation. The IBBI circular dated 08.07.2023 was considered, highlighting the low average
…NIIL Infrastructure…
Adjudicating Authority initiated CIRP against…