The case involves an application filed by the resolution professional seeking liquidation of the corporate debtor company, Aarohi Motors Pvt Ltd, under Section 33(2) of the IB Code. The corporate applicant, Aarohi Motors Pvt Ltd, had previously filed a petition under Section 10 of the Code, which was admitted, triggering the CIRP. An IRP was appointed, who constituted the COC. However, the COC, in its sixth meeting held on 2018-02-26, resolved that no resolution plan received from Rare Asset Reconstruction Pvt Ltd met the criteria and rejected it. Consequently, the COC decided to proceed with the liquidation of the Corporate Debtor company.
Aarohi Motors Pvt Ltd (Corporate Debtor) filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), which was admitted, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who then constituted the Committee of Creditors (COC). During the CIRP, the COC received a resolution plan from Rare Asset Reconstruction Pvt Ltd. However, in its sixth meeting held on 2018-02-26, the COC unanimously resolved that the resolution plan did not meet the required criteria and was therefore rejected. Consequently, the COC decided to proceed with the liquidation of Aarohi Motors Pvt Ltd under Section 33 of the IBC. The resolution professional, Mr. Dipak Rachchha, was to continue as the liquidator. The
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The COC held its sixth meeting and resolved…
The adjudicating authority ordered the…
The case involves an application filed by the resolution professional seeking liquidation of the corporate debtor company, Aarohi Motors Pvt Ltd, under Section 33(2) of the IB Code. The corporate applicant, Aarohi Motors Pvt Ltd, had previously filed a petition under Section 10 of the Code, which was admitted, triggering the CIRP. An IRP was appointed, who constituted the COC. However, the COC, in its sixth meeting held on 2018-02-26, resolved that no resolution plan received from Rare Asset Reconstruction Pvt Ltd met the criteria and rejected it. Consequently, the COC decided to proceed with the liquidation of the Corporate Debtor company.
Aarohi Motors Pvt Ltd (Corporate Debtor) filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), which was admitted, initiating the Corporate Insolvency Resolution Process (CIRP). An Interim Resolution Professional (IRP) was appointed, who then constituted the Committee of Creditors (COC). During the CIRP, the COC received a resolution plan from Rare Asset Reconstruction Pvt Ltd. However, in its sixth meeting held on 2018-02-26, the COC unanimously resolved that the resolution plan did not meet the required criteria and was therefore rejected. Consequently, the COC decided to proceed with the liquidation of Aarohi Motors Pvt Ltd under Section 33 of the IBC. The resolution professional, Mr. Dipak Rachchha, was to continue as the liquidator. The
…The COC held its sixth meeting and resolved…
The adjudicating authority ordered the…