NCLT Appoints Insolvency Resolution Professional in Insolvency Proceedings Pertaining to Pioneer Group

Delhi Bench of NCLT starts hearing the insolvency petition filed against the pioneer group, In November last year, one of the directors of CMYK Printeck, Mr Amit Goel approached the Tribunal in the capacity of a financial creditor  to initiate insolvency proceedings against the media publishing group.

Back In September 2018, Mr Goel's unsecured loan was converted into equity shares Goel, had given an unsecured loan of Rs 1.56 crore to the company's promoters in August 2018. The loan was converted into equity in September 2018, However, the company defaulted on the allotment of shares and also failed to return the application money. The amount due to Goel along with 12 per cent interest was not paid to him after the allocation of equity shares was revoked.This made the applicant fille the present application before the NCLT Bench.

In its order NCLT has appointed Mr Ranjeet Verma as the Insolvency Resolution Professional. The IRP has been directed to issue a public announcement as per section 15 of the Act to call for claims from creditors. The next step would be formation of committee of creditoors.  

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