Punjab National Bank, a Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Aabha Industries Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Parvinder Singh replaced him as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted and reconstituted, and various steps of the CIRP, including valuation, appointment of transaction auditors, and invitation of Expression of Interest (EoI), were undertaken. Multiple extensions for EoI and Resolution Plan submission were granted.
Mr. Parvinder Singh, Resolution Professional for M/s Aabha Industries Limited, filed an application IA(I.B.C.)/2453(CH)2023 under Section 33(2) of the IBC, 2016, to liquidate the Corporate Debtor.
Punjab National Bank (Financial Creditor) had previously filed CP(IB) No.62/CHD/PB/2019 under Section 7 of the IBC to initiate CIRP against M/s Aabha Industries Limited.
The CIRP was initiated against M/s Aabha Industries Limited, and Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP).
The IRP constituted the Committee of Creditors (CoC) on 13.01.2023, comprising Punjab National Bank and Union Bank of India (Financial Creditors), and one Operational Creditor (Custom department).
…Sign in to view the parties.
Punjab National Bank (Financial Creditor) filed…
Order initiating CIRP against M/s Aabha…
Sign in to view related legal provisions.
Punjab National Bank, a Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Aabha Industries Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP), and later Mr. Parvinder Singh replaced him as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted and reconstituted, and various steps of the CIRP, including valuation, appointment of transaction auditors, and invitation of Expression of Interest (EoI), were undertaken. Multiple extensions for EoI and Resolution Plan submission were granted.
Mr. Parvinder Singh, Resolution Professional for M/s Aabha Industries Limited, filed an application IA(I.B.C.)/2453(CH)2023 under Section 33(2) of the IBC, 2016, to liquidate the Corporate Debtor.
Punjab National Bank (Financial Creditor) had previously filed CP(IB) No.62/CHD/PB/2019 under Section 7 of the IBC to initiate CIRP against M/s Aabha Industries Limited.
The CIRP was initiated against M/s Aabha Industries Limited, and Mr. Krishan Vrind Jain was initially appointed as the Interim Resolution Professional (IRP).
The IRP constituted the Committee of Creditors (CoC) on 13.01.2023, comprising Punjab National Bank and Union Bank of India (Financial Creditors), and one Operational Creditor (Custom department).
…Punjab National Bank (Financial Creditor) filed…
Order initiating CIRP against M/s Aabha…
Sign in to view related legal provisions.