The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding M/s. Connexions Retail Stores Private Limited. The Resolution Professional (RP) sought a liquidation order based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated, and a public announcement was made. Claims were received from various creditors. The RP determined the liquidation value and prepared an Information Memorandum. Despite inviting expressions of interest, no resolution plan was received. The CoC approved the resolution for liquidation. A financial creditor, Deutsche Bank, raised objections regarding the appointment of the RP as Liquidator.
M/s. Connexions Retail Stores Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. An application was filed under section 33(2) seeking a liquidation order. Public announcements were made, and claims were received from various creditors, including financial creditors (banks, institutions, related parties, individual-unrelated), operational creditors, employees, and statutory authorities. The Resolution Professional (RP) was appointed and determined the liquidation value. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) approved the resolution for liquidation. Deutsche Bank, a financial creditor, objected to the appointment of the existing RP as Liquidator. The CoC failed
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5th meeting of CoC…
CP/1414/IB/20…
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The case involves an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, regarding M/s. Connexions Retail Stores Private Limited. The Resolution Professional (RP) sought a liquidation order based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated, and a public announcement was made. Claims were received from various creditors. The RP determined the liquidation value and prepared an Information Memorandum. Despite inviting expressions of interest, no resolution plan was received. The CoC approved the resolution for liquidation. A financial creditor, Deutsche Bank, raised objections regarding the appointment of the RP as Liquidator.
M/s. Connexions Retail Stores Private Limited underwent Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. An application was filed under section 33(2) seeking a liquidation order. Public announcements were made, and claims were received from various creditors, including financial creditors (banks, institutions, related parties, individual-unrelated), operational creditors, employees, and statutory authorities. The Resolution Professional (RP) was appointed and determined the liquidation value. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) approved the resolution for liquidation. Deutsche Bank, a financial creditor, objected to the appointment of the existing RP as Liquidator. The CoC failed
…5th meeting of CoC…
CP/1414/IB/20…
Sign in to view related legal provisions.