The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against S.B. Ispat (India) Private Limited. Due to the absence of a resolution plan, liquidation was ordered. The liquidator took steps to liquidate the assets, including opening a bank account, forming a Stakeholders Consultation Committee (SCC), and attempting to sell the company. An application was filed under Section 54(2) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking dissolution of the corporate debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against S.B. Ispat (India) Private Limited on 2022-01-07. As no resolution plan was received, liquidation was ordered on 2022-11-18. The liquidator opened a new bank account as per Regulation 41(1) of the Liquidation Regulations. The liquidator also filed an application under Sections 43, 45 & 66 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 being application numbered IA(I.B.C)/484(KB)2022 before this Adjudicating Authority which deals with PUFE/Avoidance transactions for a sum of Rs. 9,39,21,113.00/-. The liquidation estate was formed, and a Stakeholders Consultation Committee (SCC) was constituted on 2023-01-17. The liquidation value was insignificant, and the
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Corporate Insolvency Resolution Process was…
Liquidation Order was…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against S.B. Ispat (India) Private Limited. Due to the absence of a resolution plan, liquidation was ordered. The liquidator took steps to liquidate the assets, including opening a bank account, forming a Stakeholders Consultation Committee (SCC), and attempting to sell the company. An application was filed under Section 54(2) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, seeking dissolution of the corporate debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against S.B. Ispat (India) Private Limited on 2022-01-07. As no resolution plan was received, liquidation was ordered on 2022-11-18. The liquidator opened a new bank account as per Regulation 41(1) of the Liquidation Regulations. The liquidator also filed an application under Sections 43, 45 & 66 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 being application numbered IA(I.B.C)/484(KB)2022 before this Adjudicating Authority which deals with PUFE/Avoidance transactions for a sum of Rs. 9,39,21,113.00/-. The liquidation estate was formed, and a Stakeholders Consultation Committee (SCC) was constituted on 2023-01-17. The liquidation value was insignificant, and the
…Corporate Insolvency Resolution Process was…
Liquidation Order was…