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), seeking liquidation of the Corporate Debtor, CLS Enterprise Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.12.2019, and an IRP was appointed. Despite efforts to find a resolution plan, including inviting Expression of Interest (EoI), only one plan was received and rejected by the Committee of Creditors (CoC) due to insufficient value. The CoC then resolved to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) for CLS Enterprise Private Limited was initiated on 2019-12-16. An Interim Resolution Professional (IRP) was appointed, and efforts were made to invite resolution plans, including publishing Form-A in newspapers. The first meeting of the Committee of Creditors (CoC) was held on 2020-02-03, and Expression of Interest (EoI) was invited. Only one resolution plan was received from Mr. Sanjay Punglia, but it was rejected by the CoC because the offered amount was insufficient to address the claims of creditors and other stakeholders. The CoC then resolved to liquidate the Corporate Debtor, as no viable resolution plan was received. The CIRP period of 170 days was completed on 2020-06-28, exempting the lockdown period of 67
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Corporate Insolvency Resolution Process (CIRP)…
The first meeting of…
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), seeking liquidation of the Corporate Debtor, CLS Enterprise Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 16.12.2019, and an IRP was appointed. Despite efforts to find a resolution plan, including inviting Expression of Interest (EoI), only one plan was received and rejected by the Committee of Creditors (CoC) due to insufficient value. The CoC then resolved to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) for CLS Enterprise Private Limited was initiated on 2019-12-16. An Interim Resolution Professional (IRP) was appointed, and efforts were made to invite resolution plans, including publishing Form-A in newspapers. The first meeting of the Committee of Creditors (CoC) was held on 2020-02-03, and Expression of Interest (EoI) was invited. Only one resolution plan was received from Mr. Sanjay Punglia, but it was rejected by the CoC because the offered amount was insufficient to address the claims of creditors and other stakeholders. The CoC then resolved to liquidate the Corporate Debtor, as no viable resolution plan was received. The CIRP period of 170 days was completed on 2020-06-28, exempting the lockdown period of 67
…Corporate Insolvency Resolution Process (CIRP)…
The first meeting of…