Central Bank of India, as the Applicant, filed an application under Section 52(5) of the Insolvency and Bankruptcy Code, 2016, seeking to facilitate the realization of its security interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against Anil Printers Limited on 06.05.2019. The Applicant's claim was admitted and recognized as a 'Secured Creditor' in the 3rd meeting of the Committee of Creditors (CoC) held on 19.09.2019. Liquidation was initiated on 15.10.2019, and Mr. Vishal Bidawatjika was appointed as the Liquidator.
CIRP was initiated against Anil Printers Limited on 06.05.2019.
The Applicant, Central Bank of India, is a Financial Creditor.
The Applicant's claim was admitted as a secured creditor.
Liquidation was initiated on 15.10.2019, and Vishal Bidawatjika was appointed as Liquidator.
The Applicant sought directions for the Liquidator to distribute sale proceeds and repay the Applicant's claim.
The Liquidator contended that the assets charged in favor of the Applicant were not available even before CIRP.
The Applicant had obtained a recovery certificate from the DRT on 20.05.2016.
The assets charged in favor of the Applicant have not been located/traced since the commencement of CIRP.
The Applicant has not relinquished its security interest to the liquidation estate.
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Corporate Insolvency Resolution Process…
The Applicant was recognized as a 'Secured…
Central Bank of India, as the Applicant, filed an application under Section 52(5) of the Insolvency and Bankruptcy Code, 2016, seeking to facilitate the realization of its security interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against Anil Printers Limited on 06.05.2019. The Applicant's claim was admitted and recognized as a 'Secured Creditor' in the 3rd meeting of the Committee of Creditors (CoC) held on 19.09.2019. Liquidation was initiated on 15.10.2019, and Mr. Vishal Bidawatjika was appointed as the Liquidator.
CIRP was initiated against Anil Printers Limited on 06.05.2019.
The Applicant, Central Bank of India, is a Financial Creditor.
The Applicant's claim was admitted as a secured creditor.
Liquidation was initiated on 15.10.2019, and Vishal Bidawatjika was appointed as Liquidator.
The Applicant sought directions for the Liquidator to distribute sale proceeds and repay the Applicant's claim.
The Liquidator contended that the assets charged in favor of the Applicant were not available even before CIRP.
The Applicant had obtained a recovery certificate from the DRT on 20.05.2016.
The assets charged in favor of the Applicant have not been located/traced since the commencement of CIRP.
The Applicant has not relinquished its security interest to the liquidation estate.
…Corporate Insolvency Resolution Process…
The Applicant was recognized as a 'Secured…