Bank of India, as the sole financial creditor and CoC member, filed an application seeking liquidation of the Corporate Debtor, Trans-Fab Power India Private Limited, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The application also sought forfeiture of the performance security amount of Rs. 75,00,000 deposited by the successful resolution applicants/respondents due to contravention of the Resolution Plan.
The CIRP of the Corporate Debtor was initiated on 13.08.2019.
Mr. Laxman Digambar Pawar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Deepak Panpaliya.
The Resolution Professional (RP) published an advertisement inviting expression of interests from prospective Resolution Applicants.
The Respondents, Mr. Rajabhau Shinde and Mrs. Pratibha R. Shinde, submitted their Resolution Plan to the CoC on 11.07.2020.
The CoC approved the Resolution Plan with 100% voting share, and the RP issued a letter of intent to the Respondents on 30.11.2020.
The Respondents failed to infuse the required funds within the stipulated time frame, leading to the filing of the application for liquidation.
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The Corporate…
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Bank of India, as the sole financial creditor and CoC member, filed an application seeking liquidation of the Corporate Debtor, Trans-Fab Power India Private Limited, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The application also sought forfeiture of the performance security amount of Rs. 75,00,000 deposited by the successful resolution applicants/respondents due to contravention of the Resolution Plan.
The CIRP of the Corporate Debtor was initiated on 13.08.2019.
Mr. Laxman Digambar Pawar was initially appointed as the Interim Resolution Professional (IRP) and was later replaced by Mr. Deepak Panpaliya.
The Resolution Professional (RP) published an advertisement inviting expression of interests from prospective Resolution Applicants.
The Respondents, Mr. Rajabhau Shinde and Mrs. Pratibha R. Shinde, submitted their Resolution Plan to the CoC on 11.07.2020.
The CoC approved the Resolution Plan with 100% voting share, and the RP issued a letter of intent to the Respondents on 30.11.2020.
The Respondents failed to infuse the required funds within the stipulated time frame, leading to the filing of the application for liquidation.
…The Corporate…
The Tribunal approved…
Sign in to view related legal provisions.