Bio Green Papers has informed that CIRP has been initiated in respect of Bio Green Papers (the company), under the provisions of the Insolvency and Bankruptcy Code, 2016 (Code) by an order of National Company Law Tribunal (NCLT), Hyderabad Bench with effect from 30.05.2023. As per section 17 of the Code, the powers of the Board of Directors of Bio Green Papers stand suspended hence the existing signatories to the any account maintained in bank suspended by operation of Law and such powers shall be vested with me, Machar Rao Meenavalli having IP Registration No. IIBI/IPA-001/IP-P00891/2017-2018/11488, have been appointed as an Interim Resolution Professional. Further, pursuant to provisions of the section 17 of IBC the management of the affairs of the Corporate Debtor shall henceforth vest in the IRP and the powers of the Board of Directors of the company shall stand suspended and exercised by the IRP with effect from 30.05.2023.
The above information is a part of company’s filings submitted to BSE.