The NCLT, Delhi through its order dated 25th September 2017 has initiated the CIRP (Corporate Insolvency Resolution Process) for Kanak Resources Management Limited.
Accordingly, Mr. Deepak Arora was appointment as the Interim Resolution Professional (IRP) by the NCLT. A moratorium for 180 days was declared from the date of CIRP process (explained separately through Section 14 of Insolvency and Bankruptcy Code 2016).
Through an order dated 14th November 2017, NCLT Delhi has appointed Mr. Sanjeev Ahuja as a Resolution Professional (RP) replacing the erstwhile IRP.
The CIRP process mainly targets developing a Resolution Plan for the company within a defined timeline which should adhere to the guidelines as laid out in IBC duly adopted and approved by the Committee of Creditors (comprising of Financial Creditors of the company). Once finally approved by NCLT, the same gets implemented as per the procedure laid out.
As far as the outstanding claims (including those of Financial Creditors, Operational Creditors, Employees and Workmen) are concerned, all such claims as received post the public announcement made by the IRP would be collated and verified, as of the date of CIRP initiation and put up on the website of the company as well as presented to the COC. The payment schedule for the said claims shall be decided and approved by the COC as part of the approval of the Resolution Plan for the company.
In the interim, the IRP and/or RP as the case may be, is expected to ensure that the company continues to exist and operate as a ‘GOING CONCERN’ and all the actions and activities are undertaken with this objective in mind with due intimation to and permission (wherever applicable) from COC.
For any clarifications, please contact at the following:
Prince Sethi (RP Team) - firstname.lastname@example.org
Devyamini Singh (Company Secretary, Corporate Debtor) - email@example.com