Janaseva Sahakari Bank Limited, a secured financial creditor, filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Utech Engineering Works (India) Private Limited due to contravention of the approved resolution plan by the Successful Resolution Applicant (SRA).
The Corporate Debtor, Utech Engineering Works (India) Private Limited, is a private limited company incorporated on 16.12.1991, engaged in the manufacture of basic metals like ferro alloys.
A Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.06.2019, following an application filed by Premium Transmission Private Limited under Section 9 of the Code.
Neelima Anil Bhate was appointed as Interim Resolution Professional and later as Resolution Professional.
Ravindra P. Birole, the Successful Resolution Applicant (SRA), submitted a Resolution Plan that was initially rejected by the Committee of Creditors (CoC) but later approved by the Tribunal.
The effective date of the resolution plan was 22.02.2022.
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Corporate Insolvency…
Resolution Plan submitted by Ravindra P.…
Janaseva Sahakari Bank Limited, a secured financial creditor, filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Utech Engineering Works (India) Private Limited due to contravention of the approved resolution plan by the Successful Resolution Applicant (SRA).
The Corporate Debtor, Utech Engineering Works (India) Private Limited, is a private limited company incorporated on 16.12.1991, engaged in the manufacture of basic metals like ferro alloys.
A Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 25.06.2019, following an application filed by Premium Transmission Private Limited under Section 9 of the Code.
Neelima Anil Bhate was appointed as Interim Resolution Professional and later as Resolution Professional.
Ravindra P. Birole, the Successful Resolution Applicant (SRA), submitted a Resolution Plan that was initially rejected by the Committee of Creditors (CoC) but later approved by the Tribunal.
The effective date of the resolution plan was 22.02.2022.
…Corporate Insolvency…
Resolution Plan submitted by Ravindra P.…