The case involves Mithilanchal Industries Private Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) on April 15, 2021, and April 20, 2021. Jigar Bhatt was appointed as the Interim Resolution Professional (IRP). After the admission order, Form-A was issued and published. The Committee of Creditors (CoC) was formed, and in its first meeting, the IRP was appointed as the Resolution Professional (RP). The RP filed an application seeking directions on the Suspended Management to extend cooperation. Form-G was published, setting a deadline for resolution plan submissions. The RP apprised the CoC of non-cooperation from the Suspended Management, who had not handed over the custody of assets or details relating to the Corporate Debtor. The RP
…Mithilanchal Industries Private Limited was admitted into CIRP on April 15, 2021, and April 20, 2021. Jigar Bhatt was appointed as the IRP and later as RP. The Suspended Management allegedly did not cooperate with the RP by failing to hand over assets and documents. Form-G was published twice, but no resolution plan was received. The CoC voted with 100% majority to liquidate the Corporate Debtor. The Suspended Management filed an application seeking to set aside the CIRP, alleging fraudulent proceedings by the Financial Creditor. They claimed the account was wrongly declared NPA, and the OTS failed due to the Financial Creditor's actions. They also alleged the RP failed to perform duties under Section 25 of the IBC. The RP denied the allegations and stated the progress
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Mithilanchal Industries Private Limited was…
Mithilanchal Industries Private Limited was…
The case involves Mithilanchal Industries Private Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) on April 15, 2021, and April 20, 2021. Jigar Bhatt was appointed as the Interim Resolution Professional (IRP). After the admission order, Form-A was issued and published. The Committee of Creditors (CoC) was formed, and in its first meeting, the IRP was appointed as the Resolution Professional (RP). The RP filed an application seeking directions on the Suspended Management to extend cooperation. Form-G was published, setting a deadline for resolution plan submissions. The RP apprised the CoC of non-cooperation from the Suspended Management, who had not handed over the custody of assets or details relating to the Corporate Debtor. The RP
…Mithilanchal Industries Private Limited was admitted into CIRP on April 15, 2021, and April 20, 2021. Jigar Bhatt was appointed as the IRP and later as RP. The Suspended Management allegedly did not cooperate with the RP by failing to hand over assets and documents. Form-G was published twice, but no resolution plan was received. The CoC voted with 100% majority to liquidate the Corporate Debtor. The Suspended Management filed an application seeking to set aside the CIRP, alleging fraudulent proceedings by the Financial Creditor. They claimed the account was wrongly declared NPA, and the OTS failed due to the Financial Creditor's actions. They also alleged the RP failed to perform duties under Section 25 of the IBC. The RP denied the allegations and stated the progress
…Mithilanchal Industries Private Limited was…
Mithilanchal Industries Private Limited was…