Pursuant to the application filed by Vellurmadam Harish Gopalkrishnan under Section 7 of the Insolvency and Bankruptcy Code, 2016, as amended from time to time (“IBC”), Corporate Insolvency Resolution Process (“CIRP”) was initiated against the Corporate Debtor, pursuant to the order of the Mumbai Bench of the National Company Law Tribunal (“NCLT”) dated 22nd March 2018 (“Admission Order”) in the matter of Vellurmadam Harish Gopalkrishnan Vs. Unitech Transformers Pvt Ltd in C.P. (IB) 1616(MB)/2017. Vide the Admission Order, Mr. Pravin Rameshwar Navandar (having IBBI Registration Number IBBI/IPA-001/IP-P00008/2016-2017/10027) was appointed as the Interim Resolution Professional of the Corporate Debtor and was further appointed as the Resolution Professional for the Corporate Debtor.

Subsequently a resolution plan was received and approved by CoC which was filed under section 31 (1) of the Insolvency Bankruptcy Code, 2016 before the Hon’ble National Company Law Tribunal for seeking approval of the Resolution Plan on 11th December 2018.

Due to unforeseen circumstances the said application was pending for its adjudication for last 5 years. On 8th November 2023, the Erstwhile Resolution Applicant withdrew their COC approved plan before the AA. Subsequently, with the consultation of CoC the Resolution Professional filed an IA No. 222 of 2024 for re-running the CIRP Process of Corporate Debtor. The IA No. 222 of 2024 was allowed vide Order dated 16th April 2024 received on 25th April 2024 passed by Hon’ble National Company Law Tribunal- Mumbai Bench (“Order”).