The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of liquidation proceedings against Emgee Cables and Communications Limited, the Corporate Debtor. This application was approved by the Committee of Creditors (CoC). Prior to this, an application under Section 9 of the IBC was filed by Packwell (India) Private Limited (Operational Creditor) against Emgee Cables. The Tribunal admitted the insolvency petition on 27.07.2018 and appointed Mr. Sandeep Kumar Jain as Interim Resolution Professional (IRP). The IRP constituted the CoC, and in its first meeting on 24.08.2018, the CoC unanimously resolved to replace the IRP with Mr. Pankaj Mahajan, who was then
…M/s. Packwell (India) Pvt. Ltd., an operational creditor, initiated corporate insolvency resolution process (CIRP) against M/s. Emgee Cables and Communications Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The insolvency petition was admitted on 27.07.2018. Mr. Sandeep Kumar Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and Mr. Pankaj Mahajan was appointed as the Resolution Professional (RP), replacing the IRP. The RP invited expressions of interest (EOI) twice, but no resolution plan was received initially. A resolution plan from a consortium was later received but rejected by the CoC due to concerns about the source of funds (loans and advances,
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The Tribunal admitted the insolvency petition…
Mr. Sandeep Kumar Jain…
The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of liquidation proceedings against Emgee Cables and Communications Limited, the Corporate Debtor. This application was approved by the Committee of Creditors (CoC). Prior to this, an application under Section 9 of the IBC was filed by Packwell (India) Private Limited (Operational Creditor) against Emgee Cables. The Tribunal admitted the insolvency petition on 27.07.2018 and appointed Mr. Sandeep Kumar Jain as Interim Resolution Professional (IRP). The IRP constituted the CoC, and in its first meeting on 24.08.2018, the CoC unanimously resolved to replace the IRP with Mr. Pankaj Mahajan, who was then
…M/s. Packwell (India) Pvt. Ltd., an operational creditor, initiated corporate insolvency resolution process (CIRP) against M/s. Emgee Cables and Communications Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The insolvency petition was admitted on 27.07.2018. Mr. Sandeep Kumar Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, and Mr. Pankaj Mahajan was appointed as the Resolution Professional (RP), replacing the IRP. The RP invited expressions of interest (EOI) twice, but no resolution plan was received initially. A resolution plan from a consortium was later received but rejected by the CoC due to concerns about the source of funds (loans and advances,
…The Tribunal admitted the insolvency petition…
Mr. Sandeep Kumar Jain…