The Corporate Debtor (Rainbow Paper Ltd) was admitted into CIRP under Section 9 of the IBC. A resolution plan was approved by the Tribunal but was subsequently set aside by the Hon'ble Supreme Court, leading to its non-implementation. An application was filed by a Financial Creditor (later substituted by the Applicant) seeking liquidation due to the failed resolution plan. The Committee of Creditors (COC) also resolved to initiate liquidation.
An application was filed for the appointment of a liquidator to conduct the liquidation process of the Corporate Debtor (CD).
The Corporate Debtor was admitted into CIRP on 12.09.2017 under Section 9 of the IBC.
A Resolution Plan dated 26.05.2018, as amended on 05.06.2018, was approved by the Tribunal on 27.02.2019.
The affairs of the CD were taken over by Kushal Limited on 27.04.2019, and the erstwhile RP relinquished control.
An appeal to the Hon'ble NCLAT dismissed appeals and upheld the Tribunal's order dated 27.02.2019.
One of the Financial Creditors (FC) filed IA 457 of 2022 seeking liquidation due to non-implementation of the resolution plan.
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Corporate Debtor was…
A Resolution P…
The Corporate Debtor (Rainbow Paper Ltd) was admitted into CIRP under Section 9 of the IBC. A resolution plan was approved by the Tribunal but was subsequently set aside by the Hon'ble Supreme Court, leading to its non-implementation. An application was filed by a Financial Creditor (later substituted by the Applicant) seeking liquidation due to the failed resolution plan. The Committee of Creditors (COC) also resolved to initiate liquidation.
An application was filed for the appointment of a liquidator to conduct the liquidation process of the Corporate Debtor (CD).
The Corporate Debtor was admitted into CIRP on 12.09.2017 under Section 9 of the IBC.
A Resolution Plan dated 26.05.2018, as amended on 05.06.2018, was approved by the Tribunal on 27.02.2019.
The affairs of the CD were taken over by Kushal Limited on 27.04.2019, and the erstwhile RP relinquished control.
An appeal to the Hon'ble NCLAT dismissed appeals and upheld the Tribunal's order dated 27.02.2019.
One of the Financial Creditors (FC) filed IA 457 of 2022 seeking liquidation due to non-implementation of the resolution plan.
…Corporate Debtor was…
A Resolution P…