State Bank of India, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited, the Corporate Debtor. Mr. Ashok Kumar Jaiswal was appointed as Interim Resolution Professional (IRP) and subsequently confirmed as Resolution Professional (RP). Despite extensions to the CIRP period due to the COVID-19 pandemic and multiple invitations for Expression of Interest (EOI), the sole resolution plan submitted was non-compliant, and no other viable plans were received. Consequently, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor.
An application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional of Aarya Industrial Products Private Limited for initiation of liquidation process.
The Adjudicating Authority had ordered initiation of Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited on 17.9.2019, based on a petition filed by State Bank of India (Financial Creditor).
Ashok Kumar Jaiswal was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).
The Applicant issued a Public Announcement on 20.9.2019 for filing of claims in "Financial Express" (English) and "Aaj Kal" (Bengali) newspapers.
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Adjudicating Authority ordered initiation of…
Public Announcement for filing of claims (Form…
State Bank of India, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited, the Corporate Debtor. Mr. Ashok Kumar Jaiswal was appointed as Interim Resolution Professional (IRP) and subsequently confirmed as Resolution Professional (RP). Despite extensions to the CIRP period due to the COVID-19 pandemic and multiple invitations for Expression of Interest (EOI), the sole resolution plan submitted was non-compliant, and no other viable plans were received. Consequently, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor.
An application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional of Aarya Industrial Products Private Limited for initiation of liquidation process.
The Adjudicating Authority had ordered initiation of Corporate Insolvency Resolution Process (CIRP) against Aarya Industrial Products Private Limited on 17.9.2019, based on a petition filed by State Bank of India (Financial Creditor).
Ashok Kumar Jaiswal was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC).
The Applicant issued a Public Announcement on 20.9.2019 for filing of claims in "Financial Express" (English) and "Aaj Kal" (Bengali) newspapers.
…Adjudicating Authority ordered initiation of…
Public Announcement for filing of claims (Form…