The case involves an application filed by the Resolution Professional (RP) of Venessa Metals and Alloys Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Neha Jain, an Operational Creditor, under Section 9 of the Code. The RP was appointed, and public announcements were made. The Committee of Creditors (CoC) was formed, and meetings were held to discuss the resolution process. Forensic audits were conducted, revealing undervalued and fraudulent transactions. Despite efforts to find a resolution plan, none were received, leading the CoC to resolve for liquidation.
Neha Jain, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Venessa Metals and Alloys Private Limited ('Corporate Debtor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2020-02-19. Ashish Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims. Only one claim was received from Neha Jain. The Committee of Creditors (CoC) was constituted. Several CoC meetings were held to discuss the resolution process. The RP invited Expression of Interest (EOI) from prospective resolution applicants, but no EOI was received. A forensic audit revealed undervalued and
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Company Petit…
Adjudicating Authority ordered initiation of…
The case involves an application filed by the Resolution Professional (RP) of Venessa Metals and Alloys Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Neha Jain, an Operational Creditor, under Section 9 of the Code. The RP was appointed, and public announcements were made. The Committee of Creditors (CoC) was formed, and meetings were held to discuss the resolution process. Forensic audits were conducted, revealing undervalued and fraudulent transactions. Despite efforts to find a resolution plan, none were received, leading the CoC to resolve for liquidation.
Neha Jain, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Venessa Metals and Alloys Private Limited ('Corporate Debtor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 2020-02-19. Ashish Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims. Only one claim was received from Neha Jain. The Committee of Creditors (CoC) was constituted. Several CoC meetings were held to discuss the resolution process. The RP invited Expression of Interest (EOI) from prospective resolution applicants, but no EOI was received. A forensic audit revealed undervalued and
…Company Petit…
Adjudicating Authority ordered initiation of…