The application was filed under Section 33 & 34 of the IB Code. No EOI was received, and the COC deliberated that the Corporate Debtor does not have significant assets except book debts. The COC viewed revival and resolution as not feasible, leading to liquidation as the only viable option. The COC decided in its 7th meeting on 2020-09-30 to send the company under liquidation and authorized the RP to file an application for a liquidation order.
The Applicant filed an application under Section 33 & 34 of the IB Code. No Expression of Interest (EOI) was received by the last date of submission. The Committee of Creditors (COC) determined that the Corporate Debtor lacked significant assets beyond book debts, rendering revival and resolution infeasible. Consequently, liquidation was deemed the only viable option. At its 7th meeting on 2020-09-30, the COC resolved to place the company under liquidation, authorizing the Resolution Professional (RP) to seek a liquidation order from the Adjudicating Authority. All operational creditors, numbering two, were present at the COC meeting. Mr. Shah Sanjay Rameshchandra, representing the Suspended Management, was also in attendance. The resolution for liquidation was
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The COC in its 7th meeting decided to send the…
The Adjudicating Authority passed an order for…
The application was filed under Section 33 & 34 of the IB Code. No EOI was received, and the COC deliberated that the Corporate Debtor does not have significant assets except book debts. The COC viewed revival and resolution as not feasible, leading to liquidation as the only viable option. The COC decided in its 7th meeting on 2020-09-30 to send the company under liquidation and authorized the RP to file an application for a liquidation order.
The Applicant filed an application under Section 33 & 34 of the IB Code. No Expression of Interest (EOI) was received by the last date of submission. The Committee of Creditors (COC) determined that the Corporate Debtor lacked significant assets beyond book debts, rendering revival and resolution infeasible. Consequently, liquidation was deemed the only viable option. At its 7th meeting on 2020-09-30, the COC resolved to place the company under liquidation, authorizing the Resolution Professional (RP) to seek a liquidation order from the Adjudicating Authority. All operational creditors, numbering two, were present at the COC meeting. Mr. Shah Sanjay Rameshchandra, representing the Suspended Management, was also in attendance. The resolution for liquidation was
…The COC in its 7th meeting decided to send the…
The Adjudicating Authority passed an order for…