CIRP was initiated against Sunpoint Trading Limited on 29.08.2024.

The RP filed an application (IA/04(AHM)2025) seeking approval of the resolution plan.

The CoC approved the resolution plan with a 100% majority.

The Tribunal found deficiencies in the resolution plan, including non-compliance with regulations and lack of feasibility.

The Corporate Debtor had no business operations, employees, or significant assets.

The Corporate Debtor sold most of its assets before the start of the CIRP.

The CoC consisted of only one member, who was also the unsecured financial creditor.

The Resolution Plan proposed to pay the CIRP cost and the sole CoC member, with minimal or no payment to other creditors.

The Tribunal found that the resolution plan did not meet the goals of the IBC law.

CIRP was initiated against Sunpoint Trading Limited on 29.08.2024.

The RP filed an application (IA/04(AHM)2025) seeking approval of the resolution plan.

The CoC approved the resolution plan with a 100% majority.

The Tribunal found deficiencies in the resolution plan, including non-compliance with regulations and lack of feasibility.

The Corporate Debtor had no business operations, employees, or significant assets.

The Corporate Debtor sold most of its assets before the start of the CIRP.

The CoC consisted of only one member, who was also the unsecured financial creditor.

The Resolution Plan proposed to pay the CIRP cost and the sole CoC member, with minimal or no payment to other creditors.

The Tribunal found that the resolution plan did not meet the goals of the IBC law.