This case involves an appeal against the Adjudicating Authority's order dated 31.08.2023, which allowed the application for liquidation and directed the liquidation of Jaipur Trade Expocentre Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to non-cooperation from the promoter/directors, lack of business activity, and the dilapidated condition of the company. The Resolution Professional (RP) filed an application for liquidation, which was initially approved by the Adjudicating Authority. The appellant challenged this order, arguing that the decision to liquidate was premature and that the scheme of the
…Jaipur Trade Expocentre Pvt. Ltd. is the Corporate Debtor. An application under Section 9 of the IBC was admitted by the Adjudicating Authority on 10.08.2022. The publication was made on 12.08.2022 by the Interim Resolution Professional (IRP). Only one claim was filed, belonging to the Operational Creditor who initiated the application. The CoC was constituted by the IRP. The first CoC meeting was held on 03.09.2022, and the third meeting was on 27.09.2022, where a resolution was passed to liquidate the Corporate Debtor. The Corporate Debtor had no employees, no business, no registered office, and had not filed annual accounts at the MCA since 31.03.2011. There were no banking transactions since 2017. The Adjudicating Authority allowed the application for liquidation
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This case involves an appeal against the Adjudicating Authority's order dated 31.08.2023, which allowed the application for liquidation and directed the liquidation of Jaipur Trade Expocentre Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor due to non-cooperation from the promoter/directors, lack of business activity, and the dilapidated condition of the company. The Resolution Professional (RP) filed an application for liquidation, which was initially approved by the Adjudicating Authority. The appellant challenged this order, arguing that the decision to liquidate was premature and that the scheme of the
…Jaipur Trade Expocentre Pvt. Ltd. is the Corporate Debtor. An application under Section 9 of the IBC was admitted by the Adjudicating Authority on 10.08.2022. The publication was made on 12.08.2022 by the Interim Resolution Professional (IRP). Only one claim was filed, belonging to the Operational Creditor who initiated the application. The CoC was constituted by the IRP. The first CoC meeting was held on 03.09.2022, and the third meeting was on 27.09.2022, where a resolution was passed to liquidate the Corporate Debtor. The Corporate Debtor had no employees, no business, no registered office, and had not filed annual accounts at the MCA since 31.03.2011. There were no banking transactions since 2017. The Adjudicating Authority allowed the application for liquidation
…Adjudicating Authority…
Publication was…
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