The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking 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 decided to liquidate the Corporate Debtor after considering the value of assets and the cost/time involved in re-issuing Form G. The CoC approved
…Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and published an invitation for Expression of Interest (EOI) in Form G. Despite expressing interest, no parties submitted documents for the EOI process. The CoC proposed appointing Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP), which was approved by the NCLT. The RP called a CoC meeting to discuss the next course of action, presenting options for re-issuing Form G or liquidating the Corporate Debtor. The CoC opted for liquidation due to the value of
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Pheonix Industries Limited filed a company…
The Company Petition was allowed, and CIRP was…
The case involves an application (I.A. No. 4705/2023) filed by the Resolution Professional, Mr. Sachin Shrinivas Bhattad, seeking 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 decided to liquidate the Corporate Debtor after considering the value of assets and the cost/time involved in re-issuing Form G. The CoC approved
…Pheonix Industries Limited initiated CIRP against PR Castalloys Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced, and Mr. Hemant Shripad Shetye was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and published an invitation for Expression of Interest (EOI) in Form G. Despite expressing interest, no parties submitted documents for the EOI process. The CoC proposed appointing Mr. Sachin Shrinivas Bhattad as the Resolution Professional (RP), which was approved by the NCLT. The RP called a CoC meeting to discuss the next course of action, presenting options for re-issuing Form G or liquidating the Corporate Debtor. The CoC opted for liquidation due to the value of
…Pheonix Industries Limited filed a company…
The Company Petition was allowed, and CIRP was…