The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking the liquidation of the Corporate Debtor, PR Castalloys Private Limited, under Section 60(5) and Section 33(3) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition filed by Pheonix Industries Limited. The IRP published an invitation for Expression of Interest (EOI), but no documents were received from interested parties. The CoC then proposed the appointment of the applicant as the Resolution Professional. The CoC later decided to proceed with liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CIRP deadline was
…Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2023-02-01, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP published an invitation for Expression of Interest (EOI) in Form G. The 3rd CoC meeting revealed interest from 7-8 parties, but no documents were received. The CoC then appointed Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP). The RP called the 4th CoC meeting and suggested liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CoC advised deferring the agenda, but members did not respond to reminders. The RP convened the 5th CoC meeting and
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CIRP was ini…
IRP published…
The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking the liquidation of the Corporate Debtor, PR Castalloys Private Limited, under Section 60(5) and Section 33(3) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition filed by Pheonix Industries Limited. The IRP published an invitation for Expression of Interest (EOI), but no documents were received from interested parties. The CoC then proposed the appointment of the applicant as the Resolution Professional. The CoC later decided to proceed with liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CIRP deadline was
…Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2023-02-01, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP published an invitation for Expression of Interest (EOI) in Form G. The 3rd CoC meeting revealed interest from 7-8 parties, but no documents were received. The CoC then appointed Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP). The RP called the 4th CoC meeting and suggested liquidation due to the lack of interest and the costs associated with re-issuing Form G. The CoC advised deferring the agenda, but members did not respond to reminders. The RP convened the 5th CoC meeting and
…CIRP was ini…
IRP published…