The case involves an application filed by the Resolution Professional of Prominent Polymers Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated based on an application by Newgen Speciality Plastics Limited, an operational creditor. The Resolution Professional cited non-cooperation from the suspended Board of Directors and the expiry of the CIRP period as reasons for seeking withdrawal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Prominent Polymers Private Limited based on an application by M/s. Newgen Speciality Plastics Limited. Mr. Rajesh Kumar Parekh was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from Newgen Speciality Plastics Limited. The Committee of Creditors (CoC) consisted of only one operational creditor. The IRP faced non-cooperation from the suspended Board of Directors, and the operations of the Corporate Debtor were closed due to financial crunch. The 180-day CIRP period expired on 21.11.2022. The CoC resolved to file an application under section 19(2) of the Insolvency and Bankruptcy Code, 2016, against the
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Corporate Insolvency Resolution Process was…
Public Announcement made under Regulation 6 of…
The case involves an application filed by the Resolution Professional of Prominent Polymers Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated based on an application by Newgen Speciality Plastics Limited, an operational creditor. The Resolution Professional cited non-cooperation from the suspended Board of Directors and the expiry of the CIRP period as reasons for seeking withdrawal.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Prominent Polymers Private Limited based on an application by M/s. Newgen Speciality Plastics Limited. Mr. Rajesh Kumar Parekh was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from Newgen Speciality Plastics Limited. The Committee of Creditors (CoC) consisted of only one operational creditor. The IRP faced non-cooperation from the suspended Board of Directors, and the operations of the Corporate Debtor were closed due to financial crunch. The 180-day CIRP period expired on 21.11.2022. The CoC resolved to file an application under section 19(2) of the Insolvency and Bankruptcy Code, 2016, against the
…Corporate Insolvency Resolution Process was…
Public Announcement made under Regulation 6 of…