The case involves an application for the liquidation of Inergizer IT Service Pvt. Ltd. under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional sought approval for liquidation as no resolution plan was received during the Corporate Insolvency Resolution (CIR) process. The Resolution Professional also requested the release of outstanding arrears since the commencement of the CIR process. The Committee of Creditors (CoC) had recommended liquidation due to the absence of a resolution plan and the limited assets of the Corporate Debtor.
Inergizer IT Service Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. No resolution plan was received during the CIRP. The Committee of Creditors (CoC) recommended liquidation of the corporate debtor. The CoC's decision was influenced by the fact that no resolution applicant showed interest and the corporate debtor had limited assets: four damaged laptops, a bank balance of Rs. 1.05 Lakh, and mutual fund units worth around Rs. 80,000. The Resolution Professional identified potentially tainted transactions, including a write-off of debts amounting to Rs. 5.29 crores and software worth Rs. 1.05 crores. The CoC approved the resolution for liquidation with a 100% vote in its 7th meeting dated April 30, 2018.
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The application for…
The Committee of Creditors (CoC) voted to…
The case involves an application for the liquidation of Inergizer IT Service Pvt. Ltd. under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional sought approval for liquidation as no resolution plan was received during the Corporate Insolvency Resolution (CIR) process. The Resolution Professional also requested the release of outstanding arrears since the commencement of the CIR process. The Committee of Creditors (CoC) had recommended liquidation due to the absence of a resolution plan and the limited assets of the Corporate Debtor.
Inergizer IT Service Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. No resolution plan was received during the CIRP. The Committee of Creditors (CoC) recommended liquidation of the corporate debtor. The CoC's decision was influenced by the fact that no resolution applicant showed interest and the corporate debtor had limited assets: four damaged laptops, a bank balance of Rs. 1.05 Lakh, and mutual fund units worth around Rs. 80,000. The Resolution Professional identified potentially tainted transactions, including a write-off of debts amounting to Rs. 5.29 crores and software worth Rs. 1.05 crores. The CoC approved the resolution for liquidation with a 100% vote in its 7th meeting dated April 30, 2018.
…The application for…
The Committee of Creditors (CoC) voted to…