The case involves an application filed by the Resolution Professional (RP) of SKP Steel Industries Private Limited, with the approval of the Committee of Creditors (CoC), seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Parag Sales Corporation under section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Soumitra Lahiri. The CIRP period expired without any approved resolution plan, leading the CoC to approve liquidation with a 94.94% voting share.
SKP Steel Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition by Parag Sales Corporation. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Soumitra Lahiri. A public announcement regarding the CIRP was made on February 11, 2021, in the Financial Express and Ekdin newspapers. The Committee of Creditors (CoC) was duly constituted with seven financial creditors. The CoC, in its meeting on April 13, 2021, resolved to replace the IRP with Mr. Soumitra Lahiri. The applicant received two resolution plans, but the CoC found them unsatisfactory in its meeting on March 9,
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The case involves an application filed by the Resolution Professional (RP) of SKP Steel Industries Private Limited, with the approval of the Committee of Creditors (CoC), seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Parag Sales Corporation under section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Soumitra Lahiri. The CIRP period expired without any approved resolution plan, leading the CoC to approve liquidation with a 94.94% voting share.
SKP Steel Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following a petition by Parag Sales Corporation. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Uday Narayan Mitra was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. Soumitra Lahiri. A public announcement regarding the CIRP was made on February 11, 2021, in the Financial Express and Ekdin newspapers. The Committee of Creditors (CoC) was duly constituted with seven financial creditors. The CoC, in its meeting on April 13, 2021, resolved to replace the IRP with Mr. Soumitra Lahiri. The applicant received two resolution plans, but the CoC found them unsatisfactory in its meeting on March 9,
…Adjudicating Authority directed initiation of…
Public announcement…