The appeal was filed against an order dated 23.06.2022 by the Adjudicating Authority, which directed the liquidation of the Corporate Debtor. The appellant challenged the order, contending that the CoC's decision was arbitrarily taken. The CoC allegedly did not want to continue with the CIRP, and assets were not handed over to the Resolution Professional after the admission of the Section 10 application. Consequently, the Resolution Professional could not draw up an Information Memorandum or issue an EOI.
Sreedhar Tripathy filed an appeal against an order by the Adjudicating Authority directing the liquidation of a Corporate Debtor. The appellant argued that the Committee of Creditors (CoC) made an arbitrary decision to liquidate the Corporate Debtor. The Corporate Debtor had been non-functional and shut down since 2002, with its machinery becoming scrap and the building in a dilapidated condition. The CoC believed that continuing the Corporate Insolvency Resolution Process (CIRP) would only incur more expenses without any corresponding advantage. The CoC had initially considered withdrawal under Section 12A but ultimately decided to liquidate the Corporate Debtor. The Adjudicating Authority approved the CoC's decision for liquidation. The appellant challenged this
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Minutes of CoC meeting dated 05.04.2021 as…
Order by the Adjudicatin…
The appeal was filed against an order dated 23.06.2022 by the Adjudicating Authority, which directed the liquidation of the Corporate Debtor. The appellant challenged the order, contending that the CoC's decision was arbitrarily taken. The CoC allegedly did not want to continue with the CIRP, and assets were not handed over to the Resolution Professional after the admission of the Section 10 application. Consequently, the Resolution Professional could not draw up an Information Memorandum or issue an EOI.
Sreedhar Tripathy filed an appeal against an order by the Adjudicating Authority directing the liquidation of a Corporate Debtor. The appellant argued that the Committee of Creditors (CoC) made an arbitrary decision to liquidate the Corporate Debtor. The Corporate Debtor had been non-functional and shut down since 2002, with its machinery becoming scrap and the building in a dilapidated condition. The CoC believed that continuing the Corporate Insolvency Resolution Process (CIRP) would only incur more expenses without any corresponding advantage. The CoC had initially considered withdrawal under Section 12A but ultimately decided to liquidate the Corporate Debtor. The Adjudicating Authority approved the CoC's decision for liquidation. The appellant challenged this
…Minutes of CoC meeting dated 05.04.2021 as…
Order by the Adjudicatin…