The application was filed seeking the initiation of liquidation of the Corporate Debtor as per Section 33 of the Insolvency & Bankruptcy Code, 2016, and for issuing a public announcement. The CIRP period of 330 days had expired on 2020-02-12. The applicant stated they could not apply for further extension of the CIRP. The applicant filed for urgent hearing as almost three months had lapsed from the date of CIRP. The CIRP cost was increasing, and the Corporate Debtor did not have much realisable value from the assets.
The Corporate Debtor's CIRP period of 330 days expired on 2020-02-12. The applicant stated they could not apply for further extension of the CIRP. The applicant filed for urgent hearing as almost three months had lapsed from the date of CIRP. The CIRP cost was increasing, and the Corporate Debtor did not have much realisable value from the assets. The Resolution Professionals incurred a total expenditure of Rs. 7,56,407 during the CIRP, out of which Rs. 4,40,223 has been ratified. The balance amount, although approved, could not be ratified in the previous meeting of the COC. The applicant requested for urgent hearing, and the court allowed the application.
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The Corporate Debtor's…
The applicant filed an…
The application was filed seeking the initiation of liquidation of the Corporate Debtor as per Section 33 of the Insolvency & Bankruptcy Code, 2016, and for issuing a public announcement. The CIRP period of 330 days had expired on 2020-02-12. The applicant stated they could not apply for further extension of the CIRP. The applicant filed for urgent hearing as almost three months had lapsed from the date of CIRP. The CIRP cost was increasing, and the Corporate Debtor did not have much realisable value from the assets.
The Corporate Debtor's CIRP period of 330 days expired on 2020-02-12. The applicant stated they could not apply for further extension of the CIRP. The applicant filed for urgent hearing as almost three months had lapsed from the date of CIRP. The CIRP cost was increasing, and the Corporate Debtor did not have much realisable value from the assets. The Resolution Professionals incurred a total expenditure of Rs. 7,56,407 during the CIRP, out of which Rs. 4,40,223 has been ratified. The balance amount, although approved, could not be ratified in the previous meeting of the COC. The applicant requested for urgent hearing, and the court allowed the application.
The Corporate Debtor's…
The applicant filed an…