The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nag (India) Private Limited, following an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority initiated CIRP vide order dated 06.01.2020. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then sought approval of the Resolution Plan submitted by Star Exports.
Union Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC, 2016, leading to the initiation of CIRP against M/s. Nag (India) Private Limited on 06.01.2020. Mahalingam Suresh Kumar was appointed as the IRP and later confirmed as RP. The RP made public announcements and constituted a CoC with Union Bank of India holding 100% voting share. The RP also filed IA/121/2021 seeking exclusion of 251 days and extension of 20 days due to COVID-19 lockdown, which was granted. Star Exports submitted a Resolution Plan for Rs.3.9 Crore, which was approved by the CoC on 21.09.2021. The Income Tax Department had provisionally attached the properties of the Corporate Debtor. The Resolution Plan proposed a payment of Rs.10,67,664/- to the Income Tax
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Adjudicating Authority initiated Corporate…
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nag (India) Private Limited, following an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority initiated CIRP vide order dated 06.01.2020. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP then sought approval of the Resolution Plan submitted by Star Exports.
Union Bank of India, a Financial Creditor, filed an application under Section 7 of the IBC, 2016, leading to the initiation of CIRP against M/s. Nag (India) Private Limited on 06.01.2020. Mahalingam Suresh Kumar was appointed as the IRP and later confirmed as RP. The RP made public announcements and constituted a CoC with Union Bank of India holding 100% voting share. The RP also filed IA/121/2021 seeking exclusion of 251 days and extension of 20 days due to COVID-19 lockdown, which was granted. Star Exports submitted a Resolution Plan for Rs.3.9 Crore, which was approved by the CoC on 21.09.2021. The Income Tax Department had provisionally attached the properties of the Corporate Debtor. The Resolution Plan proposed a payment of Rs.10,67,664/- to the Income Tax
…Adjudicating Authority initiated Corporate…
Applicant caused Public announcement in…