The Interlocutory Application (IA 1917/2020) was filed by Mr. Mukesh Verma, the Resolution Professional, seeking orders under Section 33 of the Insolvency and Bankruptcy Code, 2016. The application was filed in relation to Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank against Sab Global Entertainment Media Private Limited. The CIRP was initiated following an order dated 5th November 2019. The application sought reliefs including exclusion of the lockdown period, liquidation of the Corporate Debtor, payment of CIRP costs, approval to file Avoidance Transactions Report, and other reliefs deemed fit by the Tribunal.
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (CIRP) against Sab Global Entertainment Media Private Limited. The application was admitted on 5th November 2019, and Mr. Mukesh Verma was appointed as the Interim Resolution Professional. Public announcement was made on 13th November 2019, inviting claims from creditors. The Resolution Professional received claims from two financial creditors: Punjab National Bank and Union Bank of India. The first meeting of the Committee of Creditors (CoC) was held on 9th December 2019, where the Interim Resolution Professional was confirmed as Resolution Professional. The CoC resolved to bear the insolvency resolution costs due to the
…Sign in to view the parties.
Application under Section 7 of IBC admitted;…
Public announcement…
Sign in to view related legal provisions.
The Interlocutory Application (IA 1917/2020) was filed by Mr. Mukesh Verma, the Resolution Professional, seeking orders under Section 33 of the Insolvency and Bankruptcy Code, 2016. The application was filed in relation to Corporate Insolvency Resolution Process (CIRP) initiated by Punjab National Bank against Sab Global Entertainment Media Private Limited. The CIRP was initiated following an order dated 5th November 2019. The application sought reliefs including exclusion of the lockdown period, liquidation of the Corporate Debtor, payment of CIRP costs, approval to file Avoidance Transactions Report, and other reliefs deemed fit by the Tribunal.
Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code to initiate Corporate Insolvency Resolution Process (CIRP) against Sab Global Entertainment Media Private Limited. The application was admitted on 5th November 2019, and Mr. Mukesh Verma was appointed as the Interim Resolution Professional. Public announcement was made on 13th November 2019, inviting claims from creditors. The Resolution Professional received claims from two financial creditors: Punjab National Bank and Union Bank of India. The first meeting of the Committee of Creditors (CoC) was held on 9th December 2019, where the Interim Resolution Professional was confirmed as Resolution Professional. The CoC resolved to bear the insolvency resolution costs due to the
…Application under Section 7 of IBC admitted;…
Public announcement…
Sign in to view related legal provisions.