The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Ada Cellworks Wireless Engineering Pvt. Ltd., due to the absence of a resolution plan. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by the Operational Creditor. The Resolution Professional was appointed, and the Committee of Creditors (CoC) later resolved to appoint him as the Resolution Professional. Despite efforts to invite resolution plans, none were received, leading to the application for liquidation.
The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Ada Cellworks Wireless Engineering Pvt. Ltd. The present Applicant was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). Public announcement was made on 2019-07-31. The Committee of Creditors (CoC) decided to appoint valuers and invited Expression of Interest (Eol) for resolution plans, setting deadlines for submission. Despite these efforts, no resolution plan was received. Consequently, the CoC, in its 4th meeting held on 2019-11-20, with 100% voting rights, passed a resolution for liquidating the company. The RP then filed an
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The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Ada Cellworks Wireless Engineering Pvt. Ltd., due to the absence of a resolution plan. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a petition filed by the Operational Creditor. The Resolution Professional was appointed, and the Committee of Creditors (CoC) later resolved to appoint him as the Resolution Professional. Despite efforts to invite resolution plans, none were received, leading to the application for liquidation.
The Operational Creditor filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Ada Cellworks Wireless Engineering Pvt. Ltd. The present Applicant was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). Public announcement was made on 2019-07-31. The Committee of Creditors (CoC) decided to appoint valuers and invited Expression of Interest (Eol) for resolution plans, setting deadlines for submission. Despite these efforts, no resolution plan was received. Consequently, the CoC, in its 4th meeting held on 2019-11-20, with 100% voting rights, passed a resolution for liquidating the company. The RP then filed an
…The Adjudicating Authority directed the…
The Resolution Professional made a public…