An application was filed to replace Mr. Chandra Prakash Jain, the initially appointed Insolvency Professional, due to his suspension and inability to act as IRP/RP.
IDBI Bank Ltd filed a company petition to initiate CIRP against Navsan Glass Industries Limited under Section 7 of the IBC.
The Corporate Debtor defaulted on payments amounting to Rs. 70.24 crores, including interest.
The account of the Corporate Debtor was classified as NPA on 30.09.2011.
The Financial Creditor initiated recovery proceedings before the Debt Recovery Tribunal-III, Mumbai, which issued a decree in favor of the Financial Creditor.
The Adjudicating Authority initially dismissed the application due to limitation, but the order was set aside by the Appellate Tribunal.
Mr. Chandra Prakash Jain was initially appointed as the Interim Resolution Professional (IRP).
Mr. Chandra Prakash Jain was under suspension and unable to act as IRP/RP.
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Financial Creditor…
Sanction letter issued…
An application was filed to replace Mr. Chandra Prakash Jain, the initially appointed Insolvency Professional, due to his suspension and inability to act as IRP/RP.
IDBI Bank Ltd filed a company petition to initiate CIRP against Navsan Glass Industries Limited under Section 7 of the IBC.
The Corporate Debtor defaulted on payments amounting to Rs. 70.24 crores, including interest.
The account of the Corporate Debtor was classified as NPA on 30.09.2011.
The Financial Creditor initiated recovery proceedings before the Debt Recovery Tribunal-III, Mumbai, which issued a decree in favor of the Financial Creditor.
The Adjudicating Authority initially dismissed the application due to limitation, but the order was set aside by the Appellate Tribunal.
Mr. Chandra Prakash Jain was initially appointed as the Interim Resolution Professional (IRP).
Mr. Chandra Prakash Jain was under suspension and unable to act as IRP/RP.
…Financial Creditor…
Sanction letter issued…