The case involves an application filed by the Resolution Professional (RP) seeking an order for the liquidation of Danke Electricals Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s Sai Products, an Operational Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) resolved to close the CIRP process and instructed the RP to file an application for liquidation, as no resolution plan was received. The Adjudicating Authority is considering the application for liquidation.
M/s Sai Products, an Operational Creditor, filed a petition under Section 7 of the IBC, leading to the initiation of CIRP for Danke Electricals Ltd. The CIRP commenced with the appointment of an Interim Resolution Professional (IRP). During its 5th meeting on 2018-12-10, the CoC resolved to close the CIRP process because no Expression of Interest (EOI) or resolution plan was received. The CoC instructed the RP to file an application for liquidation with the Adjudicating Authority. The RP then filed an application under Sections 33(1), 33(2), and 34(1) of the IBC seeking a liquidation order. The CIRP was closed on 2019-01-22. The instant application was filed on 2019-01-18.
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CIRP commenced based on a…
CoC resolved to close…
The case involves an application filed by the Resolution Professional (RP) seeking an order for the liquidation of Danke Electricals Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s Sai Products, an Operational Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) resolved to close the CIRP process and instructed the RP to file an application for liquidation, as no resolution plan was received. The Adjudicating Authority is considering the application for liquidation.
M/s Sai Products, an Operational Creditor, filed a petition under Section 7 of the IBC, leading to the initiation of CIRP for Danke Electricals Ltd. The CIRP commenced with the appointment of an Interim Resolution Professional (IRP). During its 5th meeting on 2018-12-10, the CoC resolved to close the CIRP process because no Expression of Interest (EOI) or resolution plan was received. The CoC instructed the RP to file an application for liquidation with the Adjudicating Authority. The RP then filed an application under Sections 33(1), 33(2), and 34(1) of the IBC seeking a liquidation order. The CIRP was closed on 2019-01-22. The instant application was filed on 2019-01-18.
CIRP commenced based on a…
CoC resolved to close…