The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) seeking an order to liquidate the Corporate Debtor, M/s. LEVON Valves Pvt. Ltd., as the maximum period of 270 days for the Corporate Insolvency Resolution Process (CIRP) had expired. The CIRP was initiated on 05.09.2017. Due to a reference to IBBI, the Interim Resolution Professional (IRP) was appointed on 16.10.2017 and confirmed as Resolution Professional (RP) on 04.12.2017. The initial 180-day period for CIRP ended on 04.03.2018. The CoC recommended an extension of 90 days, which was granted until 26.02.2018 by the Adjudicating Authority-NCLT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. LEVON Valves Pvt. Ltd. on 05.09.2017. An Interim Resolution Professional (IRP) was appointed on 16.10.2017 and later confirmed as Resolution Professional (RP) on 04.12.2017. The initial 180-day period for the CIRP ended on 04.03.2018. An extension of 90 days was granted until 26.02.2018. The Committee of Creditors (CoC) held nine meetings and invited resolution plans on 18.01.2018, 27.02.2018, and 25.04.2018, but no resolution plan was received. The average liquidation value of the assets of the Corporate Debtor is 127.67 crores. In a meeting on 31.07.2018, the CoC recommended the Corporate Debtor for liquidation. The maximum period of 270 days for CIRP expired on 02.06.2018, but the period
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Corporate Insolvency…
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The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) seeking an order to liquidate the Corporate Debtor, M/s. LEVON Valves Pvt. Ltd., as the maximum period of 270 days for the Corporate Insolvency Resolution Process (CIRP) had expired. The CIRP was initiated on 05.09.2017. Due to a reference to IBBI, the Interim Resolution Professional (IRP) was appointed on 16.10.2017 and confirmed as Resolution Professional (RP) on 04.12.2017. The initial 180-day period for CIRP ended on 04.03.2018. The CoC recommended an extension of 90 days, which was granted until 26.02.2018 by the Adjudicating Authority-NCLT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. LEVON Valves Pvt. Ltd. on 05.09.2017. An Interim Resolution Professional (IRP) was appointed on 16.10.2017 and later confirmed as Resolution Professional (RP) on 04.12.2017. The initial 180-day period for the CIRP ended on 04.03.2018. An extension of 90 days was granted until 26.02.2018. The Committee of Creditors (CoC) held nine meetings and invited resolution plans on 18.01.2018, 27.02.2018, and 25.04.2018, but no resolution plan was received. The average liquidation value of the assets of the Corporate Debtor is 127.67 crores. In a meeting on 31.07.2018, the CoC recommended the Corporate Debtor for liquidation. The maximum period of 270 days for CIRP expired on 02.06.2018, but the period
…Corporate Insolvency…
Interim Reso…