The case involves an application (IA(IBC)/443(KB)2022) filed by the Resolution Professional (RP) of Adi Ispat Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC) approved the liquidation in its meeting held on 07/05/2022. CIRP was initiated against the Corporate Debtor vide order dated 22/11/2019, and Mr. Sanjay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). However, Mr. Agarwal was later apprehended by the Central Bureau of Investigation on bribery charges. Mr. Daulat Ram Jain was appointed as the Resolution Professional, replacing Mr. Sanjay Kumar Agarwal.
Adi Ispat Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor. CIRP was initiated against the Corporate Debtor on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the IRP but was later replaced by Mr. Daulat Ram Jain due to bribery allegations against Mr. Agarwal. The CoC, with State Bank of India as the sole member, resolved to liquidate the Corporate Debtor as a going concern after resolution plans failed. The CIRP period ended on 15/05/2022. The Resolution Professional, Mr. Daulat Ram Jain, consented to act as the Liquidator. The CoC approved the liquidation with more than 66% of the voting share. The Adjudicating Authority considered the CoC's decision and the end of the CIRP period before ordering liquidation.
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CIRP was initiated against the Corporate…
Public Announc…
The case involves an application (IA(IBC)/443(KB)2022) filed by the Resolution Professional (RP) of Adi Ispat Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Committee of Creditors (CoC) approved the liquidation in its meeting held on 07/05/2022. CIRP was initiated against the Corporate Debtor vide order dated 22/11/2019, and Mr. Sanjay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). However, Mr. Agarwal was later apprehended by the Central Bureau of Investigation on bribery charges. Mr. Daulat Ram Jain was appointed as the Resolution Professional, replacing Mr. Sanjay Kumar Agarwal.
Adi Ispat Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor. CIRP was initiated against the Corporate Debtor on 22/11/2019. Mr. Sanjay Kumar Agarwal was initially appointed as the IRP but was later replaced by Mr. Daulat Ram Jain due to bribery allegations against Mr. Agarwal. The CoC, with State Bank of India as the sole member, resolved to liquidate the Corporate Debtor as a going concern after resolution plans failed. The CIRP period ended on 15/05/2022. The Resolution Professional, Mr. Daulat Ram Jain, consented to act as the Liquidator. The CoC approved the liquidation with more than 66% of the voting share. The Adjudicating Authority considered the CoC's decision and the end of the CIRP period before ordering liquidation.
CIRP was initiated against the Corporate…
Public Announc…