The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nag (India) Private Limited following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Union Bank of India, a Financial Creditor. 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 a resolution plan submitted by Star Exports.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Nag (India) Private Limited under Section 7 of the IBC. The Adjudicating Authority admitted the application on 06.01.2020. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with Union Bank of India holding 100% voting share. Star Exports submitted a resolution plan for Rs.3.9 Crore, which was approved by the CoC on 21.09.2021. The resolution plan included provisions for payment of CIRP costs, secured financial creditors, and statutory dues (Income Tax). The Income Tax Department
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Adjudicating Authority initiated Corporate…
Public announcement in 'The New Indian…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nag (India) Private Limited following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Union Bank of India, a Financial Creditor. 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 a resolution plan submitted by Star Exports.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Nag (India) Private Limited under Section 7 of the IBC. The Adjudicating Authority admitted the application on 06.01.2020. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted with Union Bank of India holding 100% voting share. Star Exports submitted a resolution plan for Rs.3.9 Crore, which was approved by the CoC on 21.09.2021. The resolution plan included provisions for payment of CIRP costs, secured financial creditors, and statutory dues (Income Tax). The Income Tax Department
…Adjudicating Authority initiated Corporate…
Public announcement in 'The New Indian…