The case involves an Interlocutory Application (IA 793 of 2019) filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency & Bankruptcy Code (IBC), seeking liquidation of the Corporate Debtor, M/s. Collyer Containers Terminal Pvt. Ltd. The Committee of Creditors (CoC) decided to proceed with liquidation as no resolution plan was received. The CIRP period had expired on 25.11.2019. The Operational Creditor, Mr. Narshibhai B. Hadiya, filed the original petition under Section 9 of the IBC. The application was admitted on 30.05.2019, and Mr. Arvind was appointed as the IRP. The CoC approved payment of Rs. 1.00 Lakhs as fixed by the Adjudicating Authority and appointed IRP as RP. Subsequently, CoC approved the fees of RP for Rs.50,000/- per month.
The Corporate Debtor, M/s. Collyer Containers Terminal Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) following an application filed by the Operational Creditor, Mr. Narshibhai B. Hadiya, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 30.05.2019, and Mr. Arvind was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), with Bank of Baroda as the sole member, convened and noted the absence of any resolution plan for the Corporate Debtor. Consequently, the CoC resolved with 100% majority to recommend liquidation. The RP expressed unwillingness to act as the liquidator. The CIRP period expired on 25.11.2019. The RP
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Filing of the Corporate…
Application was…
The case involves an Interlocutory Application (IA 793 of 2019) filed by the Resolution Professional (RP) under Section 33(1)(a) of the Insolvency & Bankruptcy Code (IBC), seeking liquidation of the Corporate Debtor, M/s. Collyer Containers Terminal Pvt. Ltd. The Committee of Creditors (CoC) decided to proceed with liquidation as no resolution plan was received. The CIRP period had expired on 25.11.2019. The Operational Creditor, Mr. Narshibhai B. Hadiya, filed the original petition under Section 9 of the IBC. The application was admitted on 30.05.2019, and Mr. Arvind was appointed as the IRP. The CoC approved payment of Rs. 1.00 Lakhs as fixed by the Adjudicating Authority and appointed IRP as RP. Subsequently, CoC approved the fees of RP for Rs.50,000/- per month.
The Corporate Debtor, M/s. Collyer Containers Terminal Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) following an application filed by the Operational Creditor, Mr. Narshibhai B. Hadiya, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 30.05.2019, and Mr. Arvind was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), with Bank of Baroda as the sole member, convened and noted the absence of any resolution plan for the Corporate Debtor. Consequently, the CoC resolved with 100% majority to recommend liquidation. The RP expressed unwillingness to act as the liquidator. The CIRP period expired on 25.11.2019. The RP
…Filing of the Corporate…
Application was…