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, to initiate Corporate Insolvency Resolution Process (CIRP) against Enfields Gems & Jewellery Ltd. The CIRP was initiated on April 23, 2019, and a moratorium was declared. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved Sanjai Kumar Gupta as the Resolution Professional (RP). The RP filed progress reports indicating that the Corporate Debtor was absconding, and there were no saleable assets. The CoC concluded that resolution was not possible and decided to liquidate the Corporate Debtor. The RP expressed his inability to act as liquidator. The CoC proposed the name of Ms. Sonu Jain as the new
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Corporate Insolvency Resolution Process (CIRP)…
The Committee of Creditors approved the IRP as…
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, to initiate Corporate Insolvency Resolution Process (CIRP) against Enfields Gems & Jewellery Ltd. The CIRP was initiated on April 23, 2019, and a moratorium was declared. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) approved Sanjai Kumar Gupta as the Resolution Professional (RP). The RP filed progress reports indicating that the Corporate Debtor was absconding, and there were no saleable assets. The CoC concluded that resolution was not possible and decided to liquidate the Corporate Debtor. The RP expressed his inability to act as liquidator. The CoC proposed the name of Ms. Sonu Jain as the new
…Corporate Insolvency Resolution Process (CIRP)…
The Committee of Creditors approved the IRP as…