The case involves an application filed by the Resolution Professional/Liquidator of M/s Nirmal Cars Private Limited ('Corporate Debtor') under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 ('IBC') read with Sections 18, 20, and 25, seeking the removal of a lien marked on the Corporate Debtor's bank accounts. The lien was placed by the Principal Commissioner, Central Excise & GST Commissionerate, Jaipur ('Respondent No. 2') and maintained by Punjab National Bank, Raja Park Branch, Jaipur ('Respondent No. 1'). An application under Section 7 of the Code was filed by M/s Fashion Suitings Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor. The Adjudicating Authority initiated the CIRP on
…M/s Fashion Suitings Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Nirmal Cars Private Limited (Corporate Debtor) under Section 7 of IBC. The Adjudicating Authority initiated CIRP on 2023-06-15 and appointed an Interim Resolution Professional (IRP), who was later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC). Subsequently, a liquidation order was passed on 2024-02-29, and the IRP was appointed as the Liquidator. The Corporate Debtor maintains various bank accounts. The Principal Commissioner, Central Excise & GST Commissionerate, Jaipur, directed the bankers of the Corporate Debtor, including Punjab National Bank, to freeze the bank accounts on 2022-12-30. The Applicant sent a letter on
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Principal Commissioner, Central Excise & GST…
Adjudicating Authority initiated the Corporate…
The case involves an application filed by the Resolution Professional/Liquidator of M/s Nirmal Cars Private Limited ('Corporate Debtor') under Section 60(5) of the Insolvency & Bankruptcy Code, 2016 ('IBC') read with Sections 18, 20, and 25, seeking the removal of a lien marked on the Corporate Debtor's bank accounts. The lien was placed by the Principal Commissioner, Central Excise & GST Commissionerate, Jaipur ('Respondent No. 2') and maintained by Punjab National Bank, Raja Park Branch, Jaipur ('Respondent No. 1'). An application under Section 7 of the Code was filed by M/s Fashion Suitings Pvt. Ltd. seeking initiation of the Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor. The Adjudicating Authority initiated the CIRP on
…M/s Fashion Suitings Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Nirmal Cars Private Limited (Corporate Debtor) under Section 7 of IBC. The Adjudicating Authority initiated CIRP on 2023-06-15 and appointed an Interim Resolution Professional (IRP), who was later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC). Subsequently, a liquidation order was passed on 2024-02-29, and the IRP was appointed as the Liquidator. The Corporate Debtor maintains various bank accounts. The Principal Commissioner, Central Excise & GST Commissionerate, Jaipur, directed the bankers of the Corporate Debtor, including Punjab National Bank, to freeze the bank accounts on 2022-12-30. The Applicant sent a letter on
…Principal Commissioner, Central Excise & GST…
Adjudicating Authority initiated the Corporate…