The case involves an application filed by the Interim Resolution Professional (IRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor') under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor, and Mr. Rajesh Kumar Parekh was appointed as the IRP. A public announcement was made, and a claim was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'). The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP faced non-cooperation from the suspended Board of Directors and was unable to perform his duties due to the non-availability of requisite documents. The CoC resolved to
…The Interim Resolution Professional (IRP), Mr. Rajesh Kumar Parekh, filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor'). The CIRP was initiated against the Corporate Debtor, and the IRP was appointed. A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'), which was later admitted for Rs. 92,45,001/-. The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP visited the registered office of the Corporate Debtor, which was found to be non-existent. The IRP also visited another address of the Corporate Debtor, which was also closed. The suspended Board of
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Corporate Insolvency Resolution Process was…
Mr. Rajesh Kumar Parekh was appointed as the…
The case involves an application filed by the Interim Resolution Professional (IRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor') under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor, and Mr. Rajesh Kumar Parekh was appointed as the IRP. A public announcement was made, and a claim was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'). The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP faced non-cooperation from the suspended Board of Directors and was unable to perform his duties due to the non-availability of requisite documents. The CoC resolved to
…The Interim Resolution Professional (IRP), Mr. Rajesh Kumar Parekh, filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor'). The CIRP was initiated against the Corporate Debtor, and the IRP was appointed. A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'), which was later admitted for Rs. 92,45,001/-. The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP visited the registered office of the Corporate Debtor, which was found to be non-existent. The IRP also visited another address of the Corporate Debtor, which was also closed. The suspended Board of
…Corporate Insolvency Resolution Process was…
Mr. Rajesh Kumar Parekh was appointed as the…