The appeal was filed by Punjab National Bank, a member of the Committee of Creditors (CoC), against an order passed by the Adjudicating Authority (NCLT, Ahmedabad Bench) concerning the Corporate Insolvency Resolution Process (CIRP) of ORG Informatics Limited. The NCLT had dismissed the CoC's application to remove the Resolution Professional (RP) and noted the expiry of the CIRP period without a resolution plan or liquidation application.
The Corporate Insolvency Resolution Process (CIRP) for ORG Informatics Limited commenced with the admission of a petition under section 9 of the Insolvency and Bankruptcy Code on November 27, 2018. The initial 180-day period for the CIRP expired on May 27, 2019. As of July 18, 2019, 234 days had passed, leaving only 36 days of the extended period, yet the Committee of Creditors (CoC) had not taken steps to file an application under Section 31 or 33(1) and 33(2) of the IB Code.
…Petition under section 9 of the IB Code was…
The Committee of Creditors preferred an…
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The appeal was filed by Punjab National Bank, a member of the Committee of Creditors (CoC), against an order passed by the Adjudicating Authority (NCLT, Ahmedabad Bench) concerning the Corporate Insolvency Resolution Process (CIRP) of ORG Informatics Limited. The NCLT had dismissed the CoC's application to remove the Resolution Professional (RP) and noted the expiry of the CIRP period without a resolution plan or liquidation application.
The Corporate Insolvency Resolution Process (CIRP) for ORG Informatics Limited commenced with the admission of a petition under section 9 of the Insolvency and Bankruptcy Code on November 27, 2018. The initial 180-day period for the CIRP expired on May 27, 2019. As of July 18, 2019, 234 days had passed, leaving only 36 days of the extended period, yet the Committee of Creditors (CoC) had not taken steps to file an application under Section 31 or 33(1) and 33(2) of the IB Code.
…Petition under section 9 of the IB Code was…
The Committee of Creditors preferred an…
Sign in to view related legal provisions.