An application was filed by Oriental Bank of Commerce (now Punjab National Bank), the Financial Creditor, under Section 7 of the IBC, 2016, against M/s. George Distributors Private Limited, the Corporate Debtor. The NCLT admitted the application on September 5, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Hiralal Prasad as the Interim Resolution Professional (IRP). The CIRP proceedings were initially stayed by the Hon'ble High Court but were subsequently revived by the Hon'ble Apex Court on January 3, 2025. Mr. Santanu Brahma was appointed as the Resolution Professional (RP) on April 24, 2025. The RP published public announcements and invited Expressions of Interest (EoIs) for a resolution plan. After a second publication of
…An application was filed by Oriental Bank of Commerce (Financial Creditor) under Section 7 of the IBC, 2016, against M/s. George Distributors Private Limited (Corporate Debtor).
The Tribunal admitted the application on September 5, 2019, initiating Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Hiralal Prasad as the Interim Resolution Professional (IRP).
An application (IA (IBC) 1285/KB/2019) was filed by the Suspended Board of Directors seeking a stay of CIRP, which was dismissed on November 5, 2019.
The Hon'ble High Court quashed the NCLT orders dated September 5, 2019, and November 5, 2019.
The Hon'ble Apex Court revived the CIRP proceedings on January 3, 2025, setting aside the High Court order in SLP No. 15347-15348 of 2020.
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NCLT admitted the Section 7 application and…
Public announcement…
An application was filed by Oriental Bank of Commerce (now Punjab National Bank), the Financial Creditor, under Section 7 of the IBC, 2016, against M/s. George Distributors Private Limited, the Corporate Debtor. The NCLT admitted the application on September 5, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Hiralal Prasad as the Interim Resolution Professional (IRP). The CIRP proceedings were initially stayed by the Hon'ble High Court but were subsequently revived by the Hon'ble Apex Court on January 3, 2025. Mr. Santanu Brahma was appointed as the Resolution Professional (RP) on April 24, 2025. The RP published public announcements and invited Expressions of Interest (EoIs) for a resolution plan. After a second publication of
…An application was filed by Oriental Bank of Commerce (Financial Creditor) under Section 7 of the IBC, 2016, against M/s. George Distributors Private Limited (Corporate Debtor).
The Tribunal admitted the application on September 5, 2019, initiating Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Hiralal Prasad as the Interim Resolution Professional (IRP).
An application (IA (IBC) 1285/KB/2019) was filed by the Suspended Board of Directors seeking a stay of CIRP, which was dismissed on November 5, 2019.
The Hon'ble High Court quashed the NCLT orders dated September 5, 2019, and November 5, 2019.
The Hon'ble Apex Court revived the CIRP proceedings on January 3, 2025, setting aside the High Court order in SLP No. 15347-15348 of 2020.
…NCLT admitted the Section 7 application and…
Public announcement…