The application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the corporate debtor company. The IB Petition was admitted on 13.10.2020, leading to the constitution of a Committee of Creditors (CoC) with two members, Kotak Mahindra Bank Limited and Mukesh Babu Financial Services Limited. The corporate debtor was involved in manufacturing disposable dinnerware, which was banned by state governments to prevent environmental pollution. This ban led to the cessation of manufacturing activities and the closure of the factory for the past 18 months.
The corporate debtor, Biopac India Corporation Ltd, faced liquidation proceedings under Section 33 of the Insolvency and Bankruptcy Code, 2016. The company manufactured disposable dinnerware, which was banned by state governments due to environmental concerns. This ban resulted in the closure of the factory for 18 months. An IB Petition was admitted on 13.10.2020, leading to the formation of a Committee of Creditors (CoC) consisting of Kotak Mahindra Bank Limited and Mukesh Babu Financial Services Limited. Despite efforts to find buyers or investors, none were found. The CoC then resolved to liquidate the company on 19.11.2020, with 100% of the members voting in favor. The Adjudicating Authority approved the liquidation, citing the commercial wisdom of the CoC and the
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The IB Petition,…
The Committee of Creditors (CoC) passed a…
The application was filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the corporate debtor company. The IB Petition was admitted on 13.10.2020, leading to the constitution of a Committee of Creditors (CoC) with two members, Kotak Mahindra Bank Limited and Mukesh Babu Financial Services Limited. The corporate debtor was involved in manufacturing disposable dinnerware, which was banned by state governments to prevent environmental pollution. This ban led to the cessation of manufacturing activities and the closure of the factory for the past 18 months.
The corporate debtor, Biopac India Corporation Ltd, faced liquidation proceedings under Section 33 of the Insolvency and Bankruptcy Code, 2016. The company manufactured disposable dinnerware, which was banned by state governments due to environmental concerns. This ban resulted in the closure of the factory for 18 months. An IB Petition was admitted on 13.10.2020, leading to the formation of a Committee of Creditors (CoC) consisting of Kotak Mahindra Bank Limited and Mukesh Babu Financial Services Limited. Despite efforts to find buyers or investors, none were found. The CoC then resolved to liquidate the company on 19.11.2020, with 100% of the members voting in favor. The Adjudicating Authority approved the liquidation, citing the commercial wisdom of the CoC and the
…The IB Petition,…
The Committee of Creditors (CoC) passed a…