The case pertains to an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for the liquidation of CLS Enterprise Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.12.2019, and an IRP was appointed. The IRP made due diligence by publishing Form-A in the newspaper, inviting claims from creditors. During the CIRP, only one resolution plan was received from Mr. Sanjay Punglia, which was rejected by the CoC due to insufficient offered amount. The CoC approved initiating the liquidation process due to the absence of a viable resolution plan. The CIRP period of 170 days was completed on 28.06.2020, exempting the lockdown period of 67 days. The CoC resolved for liquidation in its
…The Corporate Insolvency Resolution Process (CIRP) was initiated against CLS Enterprise Pvt Ltd on 16.12.2019 after the admission of CP (IB) No.572 of 2019. An Interim Resolution Professional (IRP) was appointed, who published Form-A in the newspaper to invite claims from creditors. During the CIRP, the IRP invited Expression of Interest (EoI) and received only one resolution plan from Mr. Sanjay Punglia. The Committee of Creditors (CoC) rejected this plan because the offered amount was insufficient to address the pending claims of creditors and other stakeholders. The CoC then decided to initiate the liquidation process due to the absence of any viable resolution plan. The 170-day CIRP period concluded on 28.06.2020, with a 67-day exemption for the lockdown period.
…Sign in to view the parties.
CP (IB) No.572 of 2019 was admitted,…
The first meeting was…
The case pertains to an application filed under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016 (I&B Code) for the liquidation of CLS Enterprise Pvt Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.12.2019, and an IRP was appointed. The IRP made due diligence by publishing Form-A in the newspaper, inviting claims from creditors. During the CIRP, only one resolution plan was received from Mr. Sanjay Punglia, which was rejected by the CoC due to insufficient offered amount. The CoC approved initiating the liquidation process due to the absence of a viable resolution plan. The CIRP period of 170 days was completed on 28.06.2020, exempting the lockdown period of 67 days. The CoC resolved for liquidation in its
…The Corporate Insolvency Resolution Process (CIRP) was initiated against CLS Enterprise Pvt Ltd on 16.12.2019 after the admission of CP (IB) No.572 of 2019. An Interim Resolution Professional (IRP) was appointed, who published Form-A in the newspaper to invite claims from creditors. During the CIRP, the IRP invited Expression of Interest (EoI) and received only one resolution plan from Mr. Sanjay Punglia. The Committee of Creditors (CoC) rejected this plan because the offered amount was insufficient to address the pending claims of creditors and other stakeholders. The CoC then decided to initiate the liquidation process due to the absence of any viable resolution plan. The 170-day CIRP period concluded on 28.06.2020, with a 67-day exemption for the lockdown period.
…CP (IB) No.572 of 2019 was admitted,…
The first meeting was…