The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Dugar Housing Limited. MA No. 67/2020 is an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the CIRP. Other applications primarily oppose this withdrawal. The CIRP was initiated on 2019-11-13, and the applicant was appointed as the Interim Resolution Professional (IRP). The corporate debtor is maintained as a 'going concern' with three real estate projects. The operational creditor, Prism Johnson Limited, had filed an application, which the Tribunal directed the Committee of Creditors (COC) to consider under Section 12A of IBC.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Dugar Housing Limited on 2019-11-13. The company has three real estate projects: GLO DUGAR PROJECT, SKY DUGAR PROJECT, and LAKE DUGAR PROJECT. Prism Johnson Limited, an operational creditor, filed an application. The IRP made a public announcement calling for claims. Sree Sankeswara Foundations and Investments lodged a claim as a financial creditor. The IRP initially included Sree Sankeswara in the COC but later removed them, considering them a 'related party' due to a joint development agreement. Gurudev Foundations Pvt Ltd also filed a claim. The 2nd COC meeting held on 2020-01-14 approved the withdrawal of the CIRP. The IRP filed MA No. 67/2020 seeking withdrawal under Section 12A of IBC.
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Corporate Insolvency Resolution Process…
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The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Dugar Housing Limited. MA No. 67/2020 is an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking withdrawal of the CIRP. Other applications primarily oppose this withdrawal. The CIRP was initiated on 2019-11-13, and the applicant was appointed as the Interim Resolution Professional (IRP). The corporate debtor is maintained as a 'going concern' with three real estate projects. The operational creditor, Prism Johnson Limited, had filed an application, which the Tribunal directed the Committee of Creditors (COC) to consider under Section 12A of IBC.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Dugar Housing Limited on 2019-11-13. The company has three real estate projects: GLO DUGAR PROJECT, SKY DUGAR PROJECT, and LAKE DUGAR PROJECT. Prism Johnson Limited, an operational creditor, filed an application. The IRP made a public announcement calling for claims. Sree Sankeswara Foundations and Investments lodged a claim as a financial creditor. The IRP initially included Sree Sankeswara in the COC but later removed them, considering them a 'related party' due to a joint development agreement. Gurudev Foundations Pvt Ltd also filed a claim. The 2nd COC meeting held on 2020-01-14 approved the withdrawal of the CIRP. The IRP filed MA No. 67/2020 seeking withdrawal under Section 12A of IBC.
…Corporate Insolvency Resolution Process…
First meeting…