The Corporate Debtor, M/s. Deepak Pneumatics Pvt. Ltd., filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The company had already disposed of its assets to meet financial liabilities. Workmen filed claims and formed a Committee of Creditors (COC), but they were unwilling to contribute to the costs of the CIRP. The IRP's fees were paid from a Director's personal account. No assets were available to attract a resolution plan, and the 270-day CIRP period had expired. The COC's unwillingness to contribute towards expenses and the lack of assets were key factors in the decision.

The Corporate Debtor, M/s. Deepak Pneumatics Pvt. Ltd., filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The company had already disposed of its assets to meet financial liabilities. Workmen filed claims and formed a Committee of Creditors (COC), but they were unwilling to contribute to the costs of the CIRP. The IRP's fees were paid from a Director's personal account. No assets were available to attract a resolution plan, and the 270-day CIRP period had expired. The COC's unwillingness to contribute towards expenses and the lack of assets were key factors in the decision.