The applicant filed a case (C.A. No.739/2019) being aggrieved by the rejection of their claim by the Interim Resolution Professional (IRP). After due notice to the Resolution Professional, the claim was admitted upon review of the provided documents. The Resolution Professional also filed C.A.921/2019 invoking section 33(2) and 34(4) of the IBC. The Corporate Insolvency Resolution (CIR) period of 180 days had expired, and no resolution plan was received. The Committee of Creditors (CoC) approved the resolution for liquidating the assets of the Corporate Debtor. The resolution was approved unanimously by all members present in the CoC, constituting 85.8% of the voting share.
The applicant's claim was initially rejected by the Interim Resolution Professional (IRP). Upon review of the documents, the claim was admitted. The Corporate Insolvency Resolution (CIR) period of 180 days had expired without any resolution plan being received. The Committee of Creditors (CoC) unanimously approved the resolution for liquidating the assets of the Corporate Debtor, with 85.8% of the voting share. The Resolution Professional (RP) expressed unwillingness to continue as the liquidator. The CoC's decision to liquidate the assets is crucial because it indicates the failure of the resolution process and the need to recover debts through asset liquidation.
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Order delivered on 03.09.2019 regarding the…
Case re-notified for…
The applicant filed a case (C.A. No.739/2019) being aggrieved by the rejection of their claim by the Interim Resolution Professional (IRP). After due notice to the Resolution Professional, the claim was admitted upon review of the provided documents. The Resolution Professional also filed C.A.921/2019 invoking section 33(2) and 34(4) of the IBC. The Corporate Insolvency Resolution (CIR) period of 180 days had expired, and no resolution plan was received. The Committee of Creditors (CoC) approved the resolution for liquidating the assets of the Corporate Debtor. The resolution was approved unanimously by all members present in the CoC, constituting 85.8% of the voting share.
The applicant's claim was initially rejected by the Interim Resolution Professional (IRP). Upon review of the documents, the claim was admitted. The Corporate Insolvency Resolution (CIR) period of 180 days had expired without any resolution plan being received. The Committee of Creditors (CoC) unanimously approved the resolution for liquidating the assets of the Corporate Debtor, with 85.8% of the voting share. The Resolution Professional (RP) expressed unwillingness to continue as the liquidator. The CoC's decision to liquidate the assets is crucial because it indicates the failure of the resolution process and the need to recover debts through asset liquidation.
Order delivered on 03.09.2019 regarding the…
Case re-notified for…