The case involves a petition filed by Jinvik Exports Private Limited, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Oshiya Industries Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had admitted to owing a debt of Rs. 16.50 lacs in their reply, leading the NCLT to admit the petition. Subsequently, an application was filed to withdraw the name of the initially appointed Interim Resolution Professional (IRP), Mr. Prabhakar Kumar.
Jinvik Exports Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Oshiya Industries Private Limited, the Corporate Debtor. The petition was based on an unresolved financial debt of Rs. 22,42,372, including a principal amount of Rs. 16,50,000 and interest of Rs. 5,92,372. The Corporate Debtor, in its reply, admitted to owing Rs. 16.50 lacs and committed to making the payment within 18 to 20 months. The NCLT admitted the petition and initiated CIRP. The Financial Creditor suggested the name of Mr. Prabhakar Kumar as the IRP, who was subsequently appointed by the NCLT. Later, an application was filed to withdraw the name of Mr. Prabhakar Kumar as IRP, and Mr. Mukesh Kumar Jain was
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Mr. Prabhakar Kumar…
The Applicant filed an additional submission…
The case involves a petition filed by Jinvik Exports Private Limited, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Oshiya Industries Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had admitted to owing a debt of Rs. 16.50 lacs in their reply, leading the NCLT to admit the petition. Subsequently, an application was filed to withdraw the name of the initially appointed Interim Resolution Professional (IRP), Mr. Prabhakar Kumar.
Jinvik Exports Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Oshiya Industries Private Limited, the Corporate Debtor. The petition was based on an unresolved financial debt of Rs. 22,42,372, including a principal amount of Rs. 16,50,000 and interest of Rs. 5,92,372. The Corporate Debtor, in its reply, admitted to owing Rs. 16.50 lacs and committed to making the payment within 18 to 20 months. The NCLT admitted the petition and initiated CIRP. The Financial Creditor suggested the name of Mr. Prabhakar Kumar as the IRP, who was subsequently appointed by the NCLT. Later, an application was filed to withdraw the name of Mr. Prabhakar Kumar as IRP, and Mr. Mukesh Kumar Jain was
…Mr. Prabhakar Kumar…
The Applicant filed an additional submission…