The appellant, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process against the respondent, the Corporate Debtor, for defaulting on debt payments. The Adjudicating Authority admitted the petition on 2018-02-28. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (COC) was formed. The IRP was later confirmed as the Resolution Professional. The COC held six meetings but did not receive a resolution plan within 180 days. The Resolution Professional then approached the Adjudicating Authority for liquidation of the Corporate Debtor.
Affinity Finance Services Pvt Ltd, the appellant and an operational creditor, initiated corporate insolvency resolution process (CIRP) against Kiev Finance Ltd, the respondent and corporate debtor, due to default in debt payment. The Adjudicating Authority admitted the petition on 2018-02-28, appointed an Interim Resolution Professional (IRP), and formed a Committee of Creditors (COC). The COC held six meetings but did not receive any resolution plan within the stipulated 180-day period. Consequently, the Resolution Professional sought liquidation of the Corporate Debtor, which was approved by the Adjudicating Authority. Subsequently, an application was filed by the Liquidator to recall the liquidation order after M/s Nigania Promoters Private Limited expressed
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The appellant, an operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process against the respondent, the Corporate Debtor, for defaulting on debt payments. The Adjudicating Authority admitted the petition on 2018-02-28. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (COC) was formed. The IRP was later confirmed as the Resolution Professional. The COC held six meetings but did not receive a resolution plan within 180 days. The Resolution Professional then approached the Adjudicating Authority for liquidation of the Corporate Debtor.
Affinity Finance Services Pvt Ltd, the appellant and an operational creditor, initiated corporate insolvency resolution process (CIRP) against Kiev Finance Ltd, the respondent and corporate debtor, due to default in debt payment. The Adjudicating Authority admitted the petition on 2018-02-28, appointed an Interim Resolution Professional (IRP), and formed a Committee of Creditors (COC). The COC held six meetings but did not receive any resolution plan within the stipulated 180-day period. Consequently, the Resolution Professional sought liquidation of the Corporate Debtor, which was approved by the Adjudicating Authority. Subsequently, an application was filed by the Liquidator to recall the liquidation order after M/s Nigania Promoters Private Limited expressed
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The Adjudicating…