The case involves an application (CA 627/2018) filed under Section 33(2) read with Section 44 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) decided in its meeting on September 27, 2018, to proceed towards liquidation due to the absence of tangible assets and a resolution plan for the Corporate Debtor. The COC's decision was supported by 70.5% of its members.
The Corporate Debtor lacks tangible assets and a resolution plan. The Committee of Creditors (COC) voted with 70.5% in favor of liquidation during a meeting held on September 27, 2018. An application (CA 627/2018) was filed under Section 33(2) read with Section 44 of the IBC, seeking permission for liquidation. The Resolution Professional (RP) filed the application based on the COC's decision. The court found that liquidation was in the interest of justice.
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The case involves an application (CA 627/2018) filed under Section 33(2) read with Section 44 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) decided in its meeting on September 27, 2018, to proceed towards liquidation due to the absence of tangible assets and a resolution plan for the Corporate Debtor. The COC's decision was supported by 70.5% of its members.
The Corporate Debtor lacks tangible assets and a resolution plan. The Committee of Creditors (COC) voted with 70.5% in favor of liquidation during a meeting held on September 27, 2018. An application (CA 627/2018) was filed under Section 33(2) read with Section 44 of the IBC, seeking permission for liquidation. The Resolution Professional (RP) filed the application based on the COC's decision. The court found that liquidation was in the interest of justice.
The Committee of…
Hearing before the New…
Sign in to view related legal provisions.