Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Apex Steel Private Limited, leading to the appointment of Mr. Sanjai Kumar Gupta as the Resolution Professional (RP). The Committee of Creditors (CoC), with Indian Overseas Bank as the sole member, was formed. Despite multiple attempts, including joint Form G publications and several extensions to the CIRP period, no viable resolution plan was approved. A significant challenge involved intermingled assets of the Corporate Debtor with its sister concern, Krish Ispat Private Limited, and a dispute over Krish Ispat's leasehold land, which was mortgaged to Indian Overseas Bank and faced auction/lease cancellation.
Indian Overseas Bank filed an application under Section 7 of the IBC against Apex Steel Private Limited.
The Corporate Debtor, Apex Steel Private Limited, was admitted into CIRP on 10.10.2023.
An Interim Resolution Professional was initially appointed, and subsequently, Mr. Sanjai Kumar Gupta was appointed as the Resolution Professional on 18.12.2023.
The Committee of Creditors (CoC) was constituted with Indian Overseas Bank as the sole member, holding 100% voting share.
The RP faced challenges in obtaining necessary information and documents from the suspended Board of Directors, leading to a pending application under Section 19(2) of the Code.
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Corporate Debtor, Apex Steel Private…
The Resolution Professional initially published…
Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Apex Steel Private Limited, leading to the appointment of Mr. Sanjai Kumar Gupta as the Resolution Professional (RP). The Committee of Creditors (CoC), with Indian Overseas Bank as the sole member, was formed. Despite multiple attempts, including joint Form G publications and several extensions to the CIRP period, no viable resolution plan was approved. A significant challenge involved intermingled assets of the Corporate Debtor with its sister concern, Krish Ispat Private Limited, and a dispute over Krish Ispat's leasehold land, which was mortgaged to Indian Overseas Bank and faced auction/lease cancellation.
Indian Overseas Bank filed an application under Section 7 of the IBC against Apex Steel Private Limited.
The Corporate Debtor, Apex Steel Private Limited, was admitted into CIRP on 10.10.2023.
An Interim Resolution Professional was initially appointed, and subsequently, Mr. Sanjai Kumar Gupta was appointed as the Resolution Professional on 18.12.2023.
The Committee of Creditors (CoC) was constituted with Indian Overseas Bank as the sole member, holding 100% voting share.
The RP faced challenges in obtaining necessary information and documents from the suspended Board of Directors, leading to a pending application under Section 19(2) of the Code.
…Corporate Debtor, Apex Steel Private…
The Resolution Professional initially published…