The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Bala Techno Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Oriental Bank of Commerce under section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority appointed the Applicant as the Interim Resolution Professional (IRP). Despite multiple invitations for Expression of Interest (EoI) and publication of Form G, no resolution plan was received. The Committee of Creditors (CoC) then resolved to initiate liquidation against the Corporate Debtor.
Oriental Bank of Commerce initiated CIRP against Bala Techno Industries Limited under Section 7 of the IBC. The Adjudicating Authority appointed an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). Despite publishing Form G thrice, no resolution plan was received. The CoC approved the initiation of liquidation under Section 33(2) of the IBC. The RP applied to the Adjudicating Authority for liquidation. The CIRP period was extended, but no resolution plan materialized. The CoC approved the RP's fees as Liquidator. The Adjudicating Authority considered the RP's submission and the lack of a resolution plan before ordering liquidation.
Sign in to view the parties.
Adjudicating Authority directed initiation of…
First meeting of the Committee of Creditors…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Bala Techno Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Oriental Bank of Commerce under section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority appointed the Applicant as the Interim Resolution Professional (IRP). Despite multiple invitations for Expression of Interest (EoI) and publication of Form G, no resolution plan was received. The Committee of Creditors (CoC) then resolved to initiate liquidation against the Corporate Debtor.
Oriental Bank of Commerce initiated CIRP against Bala Techno Industries Limited under Section 7 of the IBC. The Adjudicating Authority appointed an Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional (RP). Despite publishing Form G thrice, no resolution plan was received. The CoC approved the initiation of liquidation under Section 33(2) of the IBC. The RP applied to the Adjudicating Authority for liquidation. The CIRP period was extended, but no resolution plan materialized. The CoC approved the RP's fees as Liquidator. The Adjudicating Authority considered the RP's submission and the lack of a resolution plan before ordering liquidation.
Adjudicating Authority directed initiation of…
First meeting of the Committee of Creditors…