The case involves an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adyama Rice Mill Private Limited. United Bank of India, the financial creditor, filed the application. The CIRP was initiated, and an interim resolution professional (IRP) was appointed, later replaced by a resolution professional (RP). The Committee of Creditors (CoC) was formed, but due to the corporate debtor's non-cooperation and lack of resolution plans, the CoC decided against extending the CIRP and recommended liquidation.
United Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adyama Rice Mill Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 06.08.2019, and Mr. Balaknath Bhattacharyya was appointed as the interim resolution professional (IRP). The Committee of Creditors (CoC) was formed and convened several meetings. However, the directors of Adyama Rice Mill Private Limited did not cooperate with the IRP/RP by failing to provide necessary documents and information. The CoC decided not to extend the CIRP period due to the lack of a resolution plan and recommended liquidation. The CIRP period expired on 1st February, 2020. The directors objected to the liquidation,
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The application for CIRP was admitted, and Mr.…
The Committee of Creditors (CoC) was convened,…
The case involves an application for the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adyama Rice Mill Private Limited. United Bank of India, the financial creditor, filed the application. The CIRP was initiated, and an interim resolution professional (IRP) was appointed, later replaced by a resolution professional (RP). The Committee of Creditors (CoC) was formed, but due to the corporate debtor's non-cooperation and lack of resolution plans, the CoC decided against extending the CIRP and recommended liquidation.
United Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adyama Rice Mill Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 06.08.2019, and Mr. Balaknath Bhattacharyya was appointed as the interim resolution professional (IRP). The Committee of Creditors (CoC) was formed and convened several meetings. However, the directors of Adyama Rice Mill Private Limited did not cooperate with the IRP/RP by failing to provide necessary documents and information. The CoC decided not to extend the CIRP period due to the lack of a resolution plan and recommended liquidation. The CIRP period expired on 1st February, 2020. The directors objected to the liquidation,
…The application for CIRP was admitted, and Mr.…
The Committee of Creditors (CoC) was convened,…