The case involves an application for liquidation of the corporate debtor, Earth Iconoic Infrastructures Pvt. Ltd., based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Initially, an Interim Resolution Professional (IRP) was appointed, followed by the constitution of the CoC. The IRP was later confirmed as the Resolution Professional (RP). Several invitations for Expression of Interest (EOI) were issued, but resolution plans were rejected by the CoC. Despite multiple opportunities, a resolution applicant, Unicorn Buildtech & associates, failed to submit a viable plan, leading the CoC to recommend liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Earth Iconoic Infrastructures Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Yogesh Gupta was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Harish Chander Manchanda as the Resolution Professional (RP). The IRP issued a public announcement inviting claims from creditors, receiving 732 claims amounting to 172 crores. The CoC was constituted on 22.05.2018. The RP appointed two valuers, and the liquidation value of the company was determined to be Rs. 57.67 crores. Several attempts were made to find a resolution plan, with invitations for Expression of Interest (EOI) issued on 12.10.2018, 11.11.2018, 11.01.2019, and 05.06.2019.
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The case involves an application for liquidation of the corporate debtor, Earth Iconoic Infrastructures Pvt. Ltd., based on a resolution passed by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. Initially, an Interim Resolution Professional (IRP) was appointed, followed by the constitution of the CoC. The IRP was later confirmed as the Resolution Professional (RP). Several invitations for Expression of Interest (EOI) were issued, but resolution plans were rejected by the CoC. Despite multiple opportunities, a resolution applicant, Unicorn Buildtech & associates, failed to submit a viable plan, leading the CoC to recommend liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Earth Iconoic Infrastructures Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Yogesh Gupta was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Harish Chander Manchanda as the Resolution Professional (RP). The IRP issued a public announcement inviting claims from creditors, receiving 732 claims amounting to 172 crores. The CoC was constituted on 22.05.2018. The RP appointed two valuers, and the liquidation value of the company was determined to be Rs. 57.67 crores. Several attempts were made to find a resolution plan, with invitations for Expression of Interest (EOI) issued on 12.10.2018, 11.11.2018, 11.01.2019, and 05.06.2019.
…CP was admitted and Mr.…
The Committ…