On 03rd September, 2024, Hon'ble NCLT Mumbai Bench has initiated Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Bharat Ramakant Upadhyay ,as Interim Resolution Professional (IRP) of M/s Tough Casting Private Limited. Moratorium U/s 14 of Insolvency and Bankruptcy Code has been declared. Now the affairs, business and management related to the Tough Casting Private Limited, would be managed by IRP/RP, as per IBC.

 

The IRP shall be collecting claims from creditors and run the insolvency process.

 

IRP has been confirmed by NCLT order dated 18.10.2024

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Powers of the Board of Directors is suspended during CIRP and same is exercised by the IRP/RP.

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Notice for extension of Expression of Interest

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In the 8th CoC meeting, the COC Members decided not to apply for extension of CIRP period and have not accepted the resolution plan submitted by Kay Bee Foundry Services Private Limited.

 

The CoC members have decided for liquidation of the company and have authorized IRP to make application to NCLT for liquidation of the company.