This case involves an application for the early dissolution of Ranisagar Cement Company Limited under Section 54 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the company, and an Interim Resolution Professional (IRP), Ms. Garima Diggiwal, was appointed. Public announcements were made to invite claims from creditors, but no claims were received. The IRP found that the company had no assets, as they had been sold off by the State Bank of Hyderabad (now SBI) in 2004. The company's operations had ceased almost 24 years prior, making it impossible to keep the company as a going concern. Despite the lack of outstanding liabilities, charges created by the State Bank of Hyderabad remained on the
…Ranisagar Cement Company Limited faced Corporate Insolvency Resolution Process (CIRP). Garima Diggiwal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors, but no claims were received. The company's assets were sold off by the State Bank of Hyderabad (now SBI) in 2004, and operations ceased approximately 24 years ago. Despite no outstanding liabilities, charges created by the State Bank of Hyderabad remained on the company's assets, reflected on the MCA portal. The IRP requested the Registrar of Companies (ROC) to file satisfaction of charge, but the ROC clarified that the company must satisfy the charge on the MCA portal. The IRP requested early dissolution of the Corporate Debtor. The State Bank
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This case involves an application for the early dissolution of Ranisagar Cement Company Limited under Section 54 of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the company, and an Interim Resolution Professional (IRP), Ms. Garima Diggiwal, was appointed. Public announcements were made to invite claims from creditors, but no claims were received. The IRP found that the company had no assets, as they had been sold off by the State Bank of Hyderabad (now SBI) in 2004. The company's operations had ceased almost 24 years prior, making it impossible to keep the company as a going concern. Despite the lack of outstanding liabilities, charges created by the State Bank of Hyderabad remained on the
…Ranisagar Cement Company Limited faced Corporate Insolvency Resolution Process (CIRP). Garima Diggiwal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors, but no claims were received. The company's assets were sold off by the State Bank of Hyderabad (now SBI) in 2004, and operations ceased approximately 24 years ago. Despite no outstanding liabilities, charges created by the State Bank of Hyderabad remained on the company's assets, reflected on the MCA portal. The IRP requested the Registrar of Companies (ROC) to file satisfaction of charge, but the ROC clarified that the company must satisfy the charge on the MCA portal. The IRP requested early dissolution of the Corporate Debtor. The State Bank
…Adjudicating Authority admitted the Application…
A public announcement…
Sign in to view related legal provisions.