The case involves an application by the Resolution Professional, Kashyap Vaidya, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of Ashapura Intimates Fashion Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated 28.06.2019, admitting a petition under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The CIRP period was extended by 90 days, but no resolution plan was received within the stipulated time.
The Resolution Professional, Kashyap Vaidya, filed an application under Section 33(1) of the IBC, 2016, seeking liquidation of Ashapura Intimates Fashion Limited. The CIRP was initiated on 28.06.2019. The applicant was appointed as IRP and later confirmed as RP. The CIRP period was extended by 90 days until 24.03.2020. Kanti Karamsey & Co. and S C Mehra & Associates were appointed as Valuers and Transaction Auditors. Two Prospective Resolution Applicants, Dollar Industries Limited and JG Hosiery Private Limited, showed interest but did not submit a Resolution Plan. Nova Corp also submitted an EOI but did not submit a Resolution Plan. The CIRP period of 270 days expired on 24.03.2020. The CoC passed a resolution with a majority of not less than 66% of voting
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The Bench admitted the Petition (CP IB No.…
The IRP const…
The case involves an application by the Resolution Professional, Kashyap Vaidya, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of Ashapura Intimates Fashion Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated 28.06.2019, admitting a petition under Section 7 of the Code. The applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The CIRP period was extended by 90 days, but no resolution plan was received within the stipulated time.
The Resolution Professional, Kashyap Vaidya, filed an application under Section 33(1) of the IBC, 2016, seeking liquidation of Ashapura Intimates Fashion Limited. The CIRP was initiated on 28.06.2019. The applicant was appointed as IRP and later confirmed as RP. The CIRP period was extended by 90 days until 24.03.2020. Kanti Karamsey & Co. and S C Mehra & Associates were appointed as Valuers and Transaction Auditors. Two Prospective Resolution Applicants, Dollar Industries Limited and JG Hosiery Private Limited, showed interest but did not submit a Resolution Plan. Nova Corp also submitted an EOI but did not submit a Resolution Plan. The CIRP period of 270 days expired on 24.03.2020. The CoC passed a resolution with a majority of not less than 66% of voting
…The Bench admitted the Petition (CP IB No.…
The IRP const…