The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, and an application under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Enfields Gems & Jewellery Limited on April 23, 2019, followed by a moratorium and the appointment of an Interim Resolution Professional (IRP).
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Enfields Gems & Jewellery Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on April 23, 2019, and Mr. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved the IRP as the Resolution Professional. However, the Corporate Debtor was absconding, and its assets were under attachment, making resolution impossible. The CoC decided to liquidate the Corporate Debtor in its meeting held on September 13, 2019. The Resolution Professional expressed his unwillingness to be appointed as Liquidator. The Financial Creditor proposed Ms. C.A. Sonu Jain as the new liquidator. The
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Corporate Insolvency Resolution Process…
Committee of Creditors…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, and an application under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Enfields Gems & Jewellery Limited on April 23, 2019, followed by a moratorium and the appointment of an Interim Resolution Professional (IRP).
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Enfields Gems & Jewellery Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on April 23, 2019, and Mr. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved the IRP as the Resolution Professional. However, the Corporate Debtor was absconding, and its assets were under attachment, making resolution impossible. The CoC decided to liquidate the Corporate Debtor in its meeting held on September 13, 2019. The Resolution Professional expressed his unwillingness to be appointed as Liquidator. The Financial Creditor proposed Ms. C.A. Sonu Jain as the new liquidator. The
…Corporate Insolvency Resolution Process…
Committee of Creditors…