The case pertains to an application filed under Section 33 and Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the corporate debtor, Nami Steel Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2022-08-16, following an application filed by Saraswat Cooperative Bank Limited, the Financial Creditor. An Interim Resolution Professional (IRP) was appointed, who was subsequently appointed as the Resolution Professional (RP). Public announcement was made, and the Committee of Creditors (CoC) was constituted, with Saraswat Cooperative Bank Limited holding 100% voting share. Various CoC meetings were conducted, and the CIRP period was extended. An application for avoidance
…Nami Steel Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Saraswat Cooperative Bank Limited, the Financial Creditor, on 2022-08-16. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite extending the CIRP period and receiving multiple resolution plans, the Committee of Creditors (CoC), consisting solely of Saraswat Cooperative Bank Limited, rejected all plans. Valuation reports of the corporate debtor's assets showed significant discrepancies, necessitating the appointment of a third valuer. The CoC ultimately resolved to liquidate the corporate debtor in accordance with Section 33(2) and Section 34 of the Insolvency and Bankruptcy Code (IBC). The RP
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Nami Steel Private Limited admitted into…
IBBI issued Circular No.Liq-12011/214/2023-IBBI…
The case pertains to an application filed under Section 33 and Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of the corporate debtor, Nami Steel Private Limited. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2022-08-16, following an application filed by Saraswat Cooperative Bank Limited, the Financial Creditor. An Interim Resolution Professional (IRP) was appointed, who was subsequently appointed as the Resolution Professional (RP). Public announcement was made, and the Committee of Creditors (CoC) was constituted, with Saraswat Cooperative Bank Limited holding 100% voting share. Various CoC meetings were conducted, and the CIRP period was extended. An application for avoidance
…Nami Steel Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Saraswat Cooperative Bank Limited, the Financial Creditor, on 2022-08-16. Udayraj Patwardhan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite extending the CIRP period and receiving multiple resolution plans, the Committee of Creditors (CoC), consisting solely of Saraswat Cooperative Bank Limited, rejected all plans. Valuation reports of the corporate debtor's assets showed significant discrepancies, necessitating the appointment of a third valuer. The CoC ultimately resolved to liquidate the corporate debtor in accordance with Section 33(2) and Section 34 of the Insolvency and Bankruptcy Code (IBC). The RP
…Nami Steel Private Limited admitted into…
IBBI issued Circular No.Liq-12011/214/2023-IBBI…