Dev Cotex Pvt Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) determined that a resolution plan was not viable during its third meeting on December 22, 2017. Consequently, the COC resolved to proceed with liquidation. The 180-day period for arriving at a resolution plan had expired. The resolution professional, Premraj Ramratan Laddha, was to continue as the liquidator. An application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and decided to order the liquidation of Dev Cotex Pvt Ltd.

Dev Cotex Pvt Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) determined that a resolution plan was not viable during its third meeting on December 22, 2017. Consequently, the COC resolved to proceed with liquidation. The 180-day period for arriving at a resolution plan had expired. The resolution professional, Premraj Ramratan Laddha, was to continue as the liquidator. An application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and decided to order the liquidation of Dev Cotex Pvt Ltd.