The Resolution Professional (RP) for Adhunik Metaliks Ltd will present a detailed report before the Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday seeking suitable directions with regards to the insolvency proceedings of the company.
The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29. However, no resolution plan was approved by the Committee of Creditors (CoC) during this period. According to the Insolvency and Bankruptcy Code (IBC) norms, a stressed entity undergoing CIRP goes into liquidation if no successful resolution plan is put in place within the stipulated 270-day period.
In case of Adhunik, there were only two resolution applica…
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