An application (CA-161/C-V/ND/2019) was filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP). The order of admission was not communicated to the Interim Resolution Professional (IRP), and no steps were taken to invite claims or form the Committee of Creditors (CoC). The IRP, Mr. Alok, confirmed this fact.
M/s. Aargus Global Logistics Pvt. Ltd. filed an application for the termination of the CIRP against M/s East West Logistics Pvt Ltd. The application, bearing number CA-161/C-V/ND/2019, was filed by the Operational Creditor. The primary reason for seeking termination was that the order of admission was not communicated to the IRP, and consequently, no steps were taken to invite claims or form the CoC. Mr. Alok, the IRP, confirmed this fact. The court considered the directions given by the Hon'ble Apex Court in 'Swiss Ribbons and Anr. Vs. Union of India', which allows for the termination of CIRP before the CoC is formed. The relevance of these facts lies in the procedural lapse in communicating the admission order to the IRP, preventing the CIRP from progressing as
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Order delivered on…
An application (CA-161/C-V/ND/2019) was filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution Process (CIRP). The order of admission was not communicated to the Interim Resolution Professional (IRP), and no steps were taken to invite claims or form the Committee of Creditors (CoC). The IRP, Mr. Alok, confirmed this fact.
M/s. Aargus Global Logistics Pvt. Ltd. filed an application for the termination of the CIRP against M/s East West Logistics Pvt Ltd. The application, bearing number CA-161/C-V/ND/2019, was filed by the Operational Creditor. The primary reason for seeking termination was that the order of admission was not communicated to the IRP, and consequently, no steps were taken to invite claims or form the CoC. Mr. Alok, the IRP, confirmed this fact. The court considered the directions given by the Hon'ble Apex Court in 'Swiss Ribbons and Anr. Vs. Union of India', which allows for the termination of CIRP before the CoC is formed. The relevance of these facts lies in the procedural lapse in communicating the admission order to the IRP, preventing the CIRP from progressing as
…Order delivered on…