The applicant, M/s. Modern Credit Pvt. Ltd., filed a case against the respondent, M/s. Dee Ess-Buhin Pvt. Ltd., due to the rejection of their claim by the Interim Resolution Professional (IRP). After reviewing the documents, the claim was admitted. 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 (CD). The resolution was approved unanimously by all members present in the CoC, constituting 85.8% of the voting share.
M/s. Modern Credit Pvt. Ltd. filed a claim which was initially rejected by the Interim Resolution Professional (IRP). The applicant challenged this rejection. Upon review of the provided documents, the claim was admitted. The Corporate Insolvency Resolution Process (CIRP) had been ongoing for 180 days, but no resolution plan was received. The Committee of Creditors (CoC) unanimously approved a resolution for the liquidation of the Corporate Debtor's assets, with 85.8% of the voting share in favor. The Resolution Professional (RP) expressed unwillingness to continue as liquidator. The CoC's decision to liquidate the assets is significant because it indicates the failure of the CIRP to find a viable resolution plan for the Corporate Debtor.
Sign in to view the parties.
Order delivered by the…
Case re-notif…
The applicant, M/s. Modern Credit Pvt. Ltd., filed a case against the respondent, M/s. Dee Ess-Buhin Pvt. Ltd., due to the rejection of their claim by the Interim Resolution Professional (IRP). After reviewing the documents, the claim was admitted. 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 (CD). The resolution was approved unanimously by all members present in the CoC, constituting 85.8% of the voting share.
M/s. Modern Credit Pvt. Ltd. filed a claim which was initially rejected by the Interim Resolution Professional (IRP). The applicant challenged this rejection. Upon review of the provided documents, the claim was admitted. The Corporate Insolvency Resolution Process (CIRP) had been ongoing for 180 days, but no resolution plan was received. The Committee of Creditors (CoC) unanimously approved a resolution for the liquidation of the Corporate Debtor's assets, with 85.8% of the voting share in favor. The Resolution Professional (RP) expressed unwillingness to continue as liquidator. The CoC's decision to liquidate the assets is significant because it indicates the failure of the CIRP to find a viable resolution plan for the Corporate Debtor.
Order delivered by the…
Case re-notif…