The Resolution Professional filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Aastha Surgimed Ltd., and the appointment of a liquidator. The application was filed after the CIRP period expired on 04.01.2020, and the CoC did not approve any resolution plan or an extension of the CIRP period. The CIRP was initiated based on an application filed by the Operational Creditor, M/s Universal Enterprises, under Section 9 of the IBC, and Mr. Jatin Madan was appointed as the Interim Resolution Professional on 01.08.2019. The CIRP suffered delays due to non-cooperation from the suspended Directors of the Corporate Debtor.
M/s Universal Enterprises, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aastha Surgimed Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and Mr. Jatin Madan was appointed as the Interim Resolution Professional (IRP) on 01.08.2019. The CIRP faced delays due to non-cooperation from the suspended Directors of Aastha Surgimed Ltd. An application was filed under Section 19(2) of the IBC seeking cooperation from the Directors. The initial 180-day resolution period was extended by 90 days until 06.10.2019. The extended period expired on 04.01.2020. The Committee of Creditors (CoC) did not pass a resolution to exclude 150 days from the CIRP period. In the 6th CoC meeting on
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CIRP initiated based on application by M/s…
The Resolution Professional filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Aastha Surgimed Ltd., and the appointment of a liquidator. The application was filed after the CIRP period expired on 04.01.2020, and the CoC did not approve any resolution plan or an extension of the CIRP period. The CIRP was initiated based on an application filed by the Operational Creditor, M/s Universal Enterprises, under Section 9 of the IBC, and Mr. Jatin Madan was appointed as the Interim Resolution Professional on 01.08.2019. The CIRP suffered delays due to non-cooperation from the suspended Directors of the Corporate Debtor.
M/s Universal Enterprises, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aastha Surgimed Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted, and Mr. Jatin Madan was appointed as the Interim Resolution Professional (IRP) on 01.08.2019. The CIRP faced delays due to non-cooperation from the suspended Directors of Aastha Surgimed Ltd. An application was filed under Section 19(2) of the IBC seeking cooperation from the Directors. The initial 180-day resolution period was extended by 90 days until 06.10.2019. The extended period expired on 04.01.2020. The Committee of Creditors (CoC) did not pass a resolution to exclude 150 days from the CIRP period. In the 6th CoC meeting on
…Company Petit…
CIRP initiated based on application by M/s…