- (1.) The present Company Petition bearing CP(IB) No. 11/10/HDB/2017 (which is herein after referred to as Company petition) is filed by Kamineni Steel St Power India Pvt. Ltd. (hereinafter, referred to as the Company/Corporate Debtor) , represented by its Managing Director Dr. K. Sashidhar, under Section 10 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by inter-alia seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of Kamineni Steel & Power India Pvt. Ltd.
(2.) The Adjudicating Authority, vide order dated 10th February, 2017, admitted the Company Petition and appointed Shri C.B. Mouli as Interim Resolution Professional (IRP) , and directed him to constitute a Committee of Creditors (CoC) , and cause public announcement of initiation of CIRP of the Company as per the details given in sections 15(1) and 15(2) on the wwwibbi.gov.in(designated website of Insolvency and Bankruptcy Board of India) etc.
(3.) In pursuance to the above order, the Resolution Professional, has made public announcement in Form-A in newspapers viz. The Hindu and SAAKSHI on 16th February, 2017 and it was also displayed in the IBBI website and Corporate Debtor's website as per IBC Regulations. Two (2) Registered Valuers namely M/s. Mott McDonald Pvt. Ltd., having its office at Level 4, Regus Business Centre, Gumidelli Commercial Complex, 1-10-39, to 44, Old Airport Road, Begumpet, Hyderabad-500016. Telangana, India at a remuneration of Rs. 2.50 Lakhs and another namely Servel Krishna Engineers Private Limited, having its office at C-23, Sterling Vilia, Vikrampuri, Secunderabad-500009 on a remuneration of Rs. 1.50 Lakhs are appointed.;