The case involves an application filed by the Resolution Professional, Mr. Sundaresh Bhat, seeking liquidation of EMCO Limited (the Corporate Debtor). The Committee of Creditors (CoC) unanimously decided to initiate liquidation proceedings because no resolution plan was approved. The initial Company Petition was filed by Jet Roadlines (India) Private Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 22.07.2019, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Kedar Ramratan Laddha as the Interim Resolution Professional.
Jet Roadlines (India) Private Limited, an Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against EMCO Limited. The Tribunal admitted the petition on 22.07.2019, initiating CIRP and appointing Mr. Kedar Ramratan Laddha as the Interim Resolution Professional. The Committee of Creditors (CoC) replaced the IRP with Mr. Sundaresh Bhat. Several attempts were made to attract resolution plans, including extending deadlines and inviting multiple bids. Valuation reports were obtained from registered valuers. The CIRP period of 180 days expired on 25.12.2019. The CoC was not desirous of seeking any extension of time for the CIRP. The CoC deliberated liquidating the Corporate Debtor during the 21st CoC meeting held on
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Tribunal admitted the petition filed by Jet…
The CIRP perio…
The case involves an application filed by the Resolution Professional, Mr. Sundaresh Bhat, seeking liquidation of EMCO Limited (the Corporate Debtor). The Committee of Creditors (CoC) unanimously decided to initiate liquidation proceedings because no resolution plan was approved. The initial Company Petition was filed by Jet Roadlines (India) Private Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 22.07.2019, initiating the Corporate Insolvency Resolution Process (CIRP) and appointing Mr. Kedar Ramratan Laddha as the Interim Resolution Professional.
Jet Roadlines (India) Private Limited, an Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against EMCO Limited. The Tribunal admitted the petition on 22.07.2019, initiating CIRP and appointing Mr. Kedar Ramratan Laddha as the Interim Resolution Professional. The Committee of Creditors (CoC) replaced the IRP with Mr. Sundaresh Bhat. Several attempts were made to attract resolution plans, including extending deadlines and inviting multiple bids. Valuation reports were obtained from registered valuers. The CIRP period of 180 days expired on 25.12.2019. The CoC was not desirous of seeking any extension of time for the CIRP. The CoC deliberated liquidating the Corporate Debtor during the 21st CoC meeting held on
…Tribunal admitted the petition filed by Jet…
The CIRP perio…