CMI Limited enters Corporate Insolvency Resolution Process
CMI Limited's entry into CIRP follows a default event and creditor petition filed before the National Company Law Tribunal (NCLT). Upon admission, all existing management authority is suspended and vested in the insolvency resolution professional (IRP/RP). The company is now in the statutory 180-day window to solicit resolution plans from eligible bidders, which must be voted on by the committee of creditors (CoC). The CIRP process is designed to rehabilitate the company as a going concern or facilitate an orderly sale of assets.
Why it mattersThe admission triggers statutory moratorium under IBC s.14, freezing all creditor actions; the resolution professional assumes control of operations and must complete CIRP within 180 days (extendable by 90 days) to present a resolution plan for creditor voting.
SectorIndustrials
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Sources
- NSE (National Stock Exchange of India) - Corporate Action Disclosure · official
- IBBI (Insolvency and Bankruptcy Board of India) - Case Registry · official
- NCLT (National Company Law Tribunal) - Case Management Portal · official
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