The case involves an application (MA-867/2019) by the Resolution Professional (RP) seeking an order under Section 33 of the Insolvency and Bankruptcy Code (I&B Code). The Committee of Creditors (COC) did not accept the modified resolution plan submitted by the sole Resolution Applicant. Consequently, the RP was directed to seek necessary orders from the NCLT to initiate liquidation proceedings. The financial debt is approximately Rs. 85.87 Crores, and the liquidated value is assessed at Rs. 4.5 Crores.
The Resolution Professional (RP) filed an application (MA-867/2019) seeking an order under Section 33 of the I&B Code. The Committee of Creditors (COC) rejected the modified resolution plan submitted by the sole Resolution Applicant. The financial debt involved is approximately Rs. 85.87 Crores, while the assessed liquidated value is Rs. 4.5 Crores. The creditors are aware of these figures. The RP has given consent to officiate as Liquidator. The NCLT directed the initiation of liquidation proceedings and confirmed the RP as Liquidator. The progress of the liquidation is to be communicated to the bench. The matter is adjourned to 21.10.2019 for a progress report.
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The case involves an application (MA-867/2019) by the Resolution Professional (RP) seeking an order under Section 33 of the Insolvency and Bankruptcy Code (I&B Code). The Committee of Creditors (COC) did not accept the modified resolution plan submitted by the sole Resolution Applicant. Consequently, the RP was directed to seek necessary orders from the NCLT to initiate liquidation proceedings. The financial debt is approximately Rs. 85.87 Crores, and the liquidated value is assessed at Rs. 4.5 Crores.
The Resolution Professional (RP) filed an application (MA-867/2019) seeking an order under Section 33 of the I&B Code. The Committee of Creditors (COC) rejected the modified resolution plan submitted by the sole Resolution Applicant. The financial debt involved is approximately Rs. 85.87 Crores, while the assessed liquidated value is Rs. 4.5 Crores. The creditors are aware of these figures. The RP has given consent to officiate as Liquidator. The NCLT directed the initiation of liquidation proceedings and confirmed the RP as Liquidator. The progress of the liquidation is to be communicated to the bench. The matter is adjourned to 21.10.2019 for a progress report.
Order sheet of the…
Matter adjour…