The case involves an application (MA 167/2020) filed by the Interim Resolution Professional (IRP) seeking a liquidation order for the Corporate Debtor, Firestar Diamond International Pvt Ltd, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The petition under Section 7 of IBC was admitted on 25.09.2019. The Committee of Creditors (CoC) decided against a resolution plan and opted for liquidation due to a lack of business prospects, insufficient assets, and existing legal complications, including decrees passed by the DRT and attachment of assets by the ED.
Mr. Ram Ratan Kanoongo, the Interim Resolution Professional (IRP), filed an application seeking liquidation of Firestar Diamond International Pvt Ltd, the Corporate Debtor. An earlier petition under Section 7 of the IBC was admitted on 25.09.2019. A public announcement was made, inviting creditors to submit their claims by 24.10.2019. The Committee of Creditors (CoC) was formed on 01.11.2019. In a meeting on 16.11.2019, the CoC decided against a resolution plan, opting for liquidation under Section 33(2) of the IBC due to a lack of business prospects and insufficient assets. The CoC noted existing decrees from the DRT and asset attachments by the ED. In a subsequent meeting on 02.12.2019, the CoC approved the liquidation with 98.25% voting share and appointed Mr.
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The petition filed…
Creditors were required…
The case involves an application (MA 167/2020) filed by the Interim Resolution Professional (IRP) seeking a liquidation order for the Corporate Debtor, Firestar Diamond International Pvt Ltd, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The petition under Section 7 of IBC was admitted on 25.09.2019. The Committee of Creditors (CoC) decided against a resolution plan and opted for liquidation due to a lack of business prospects, insufficient assets, and existing legal complications, including decrees passed by the DRT and attachment of assets by the ED.
Mr. Ram Ratan Kanoongo, the Interim Resolution Professional (IRP), filed an application seeking liquidation of Firestar Diamond International Pvt Ltd, the Corporate Debtor. An earlier petition under Section 7 of the IBC was admitted on 25.09.2019. A public announcement was made, inviting creditors to submit their claims by 24.10.2019. The Committee of Creditors (CoC) was formed on 01.11.2019. In a meeting on 16.11.2019, the CoC decided against a resolution plan, opting for liquidation under Section 33(2) of the IBC due to a lack of business prospects and insufficient assets. The CoC noted existing decrees from the DRT and asset attachments by the ED. In a subsequent meeting on 02.12.2019, the CoC approved the liquidation with 98.25% voting share and appointed Mr.
…The petition filed…
Creditors were required…