The case involves an application for the liquidation of Affloat Textiles (India) Limited. The Corporate Debtor was placed under CIRP on 23.09.2019, following an application under Section 7 of the IBC by Kapokh Fibres & Industries Limited, the Financial Creditor. Preeti Vimal Agrawal was appointed as IRP on the same day and later as the Resolution Professional. During the CIRP period, no resolution plan was received, leading to the decision to liquidate the Corporate Debtor.
Kapokh Fibres & Industries Limited initiated CIRP against Affloat Textiles (India) Limited under Section 7 of the IBC. The CIRP commenced on 2019-09-23. Preeti Vimal Agrawal was appointed as the IRP and later as the Resolution Professional. A CoC meeting was held on 2018-03-13. Despite the preparation of an Information Memorandum, no resolution plan was received during the CIRP. A meeting held on 2018-06-27 confirmed the absence of a resolution plan. The liquidation value of the assets as of 2018-09-31 was Rs. 2,91,032. The Resolution Professional consented to act as the liquidator. The absence of a resolution plan, coupled with the financial situation of the Corporate Debtor, led to the decision to liquidate the company.
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The first meeting of the Committee of…
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The case involves an application for the liquidation of Affloat Textiles (India) Limited. The Corporate Debtor was placed under CIRP on 23.09.2019, following an application under Section 7 of the IBC by Kapokh Fibres & Industries Limited, the Financial Creditor. Preeti Vimal Agrawal was appointed as IRP on the same day and later as the Resolution Professional. During the CIRP period, no resolution plan was received, leading to the decision to liquidate the Corporate Debtor.
Kapokh Fibres & Industries Limited initiated CIRP against Affloat Textiles (India) Limited under Section 7 of the IBC. The CIRP commenced on 2019-09-23. Preeti Vimal Agrawal was appointed as the IRP and later as the Resolution Professional. A CoC meeting was held on 2018-03-13. Despite the preparation of an Information Memorandum, no resolution plan was received during the CIRP. A meeting held on 2018-06-27 confirmed the absence of a resolution plan. The liquidation value of the assets as of 2018-09-31 was Rs. 2,91,032. The Resolution Professional consented to act as the liquidator. The absence of a resolution plan, coupled with the financial situation of the Corporate Debtor, led to the decision to liquidate the company.
The first meeting of the Committee of…
A meeting was held where it was noted that…