The case involves K.N. Chowdhury & Co. Pvt. Ltd. filing a petition against Diabari Tea Co. Ltd. under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) appointed for Diabari Tea Co. Ltd. was unable to resolve the stressed assets of the Corporate Debtor due to a lack of information about its assets. The RP also indicated that the Corporate Debtor's tea estate was taken over by the District Magistrate before the CIRP initiation, and the leasehold right of the tea garden had expired. The registered office was closed, and directors were untraceable, preventing access to the Corporate Debtor's books of account. The Committee of Creditors (CoC) decided to seek an extension of the CIRP, but the RP ultimately filed a Final Progress Report
…K.N. Chowdhury & Co. Pvt. Ltd. initiated proceedings against Diabari Tea Co. Ltd. under the IBC. A Resolution Professional (RP) was appointed but faced difficulties in resolving the Corporate Debtor's stressed assets. Key facts include the RP's inability to publish an Expression of Interest (Eol) due to a lack of information about the assets. The Corporate Debtor's tea estate was under the possession of the District Magistrate, Alipurduar, before the CIRP initiation. The leasehold right of the tea garden had expired. The registered office of the Corporate Debtor was closed, and its directors were untraceable. The CoC decided to seek an extension of the CIRP beyond 180 days, but the RP ultimately requested liquidation. The RP was unable to trace any assets of the
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The Committee of Creditors (CoC) unanimously…
Hearing held o…
The case involves K.N. Chowdhury & Co. Pvt. Ltd. filing a petition against Diabari Tea Co. Ltd. under the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) appointed for Diabari Tea Co. Ltd. was unable to resolve the stressed assets of the Corporate Debtor due to a lack of information about its assets. The RP also indicated that the Corporate Debtor's tea estate was taken over by the District Magistrate before the CIRP initiation, and the leasehold right of the tea garden had expired. The registered office was closed, and directors were untraceable, preventing access to the Corporate Debtor's books of account. The Committee of Creditors (CoC) decided to seek an extension of the CIRP, but the RP ultimately filed a Final Progress Report
…K.N. Chowdhury & Co. Pvt. Ltd. initiated proceedings against Diabari Tea Co. Ltd. under the IBC. A Resolution Professional (RP) was appointed but faced difficulties in resolving the Corporate Debtor's stressed assets. Key facts include the RP's inability to publish an Expression of Interest (Eol) due to a lack of information about the assets. The Corporate Debtor's tea estate was under the possession of the District Magistrate, Alipurduar, before the CIRP initiation. The leasehold right of the tea garden had expired. The registered office of the Corporate Debtor was closed, and its directors were untraceable. The CoC decided to seek an extension of the CIRP beyond 180 days, but the RP ultimately requested liquidation. The RP was unable to trace any assets of the
…The Committee of Creditors (CoC) unanimously…
Hearing held o…