The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Brainer Impex Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. following a petition by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Despite efforts, no resolution plan was received, leading the Committee of Creditors (CoC) to decide on liquidation.
The Cosmos Co-operative Bank Ltd., a Financial Creditor, initiated proceedings against Brainer Impex Ltd., the Corporate Debtor. An application was filed by the Resolution Professional (RP), Mr. Vishram Narayan Panchpor, seeking liquidation of Brainer Impex Ltd. because no resolution plan was received. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. on 2019-06-24, following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC) decided to appoint Mr. Panchpor as the Resolution
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The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Brainer Impex Ltd., due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. following a petition by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Despite efforts, no resolution plan was received, leading the Committee of Creditors (CoC) to decide on liquidation.
The Cosmos Co-operative Bank Ltd., a Financial Creditor, initiated proceedings against Brainer Impex Ltd., the Corporate Debtor. An application was filed by the Resolution Professional (RP), Mr. Vishram Narayan Panchpor, seeking liquidation of Brainer Impex Ltd. because no resolution plan was received. The Adjudicating Authority had previously initiated the Corporate Insolvency Resolution Process (CIRP) against Brainer Impex Ltd. on 2019-06-24, following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC) decided to appoint Mr. Panchpor as the Resolution
…Initial filing of the…
Adjudicating Authority…