The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, concerning M/s. Frontier Lifeline Private Limited. The Corporate Debtor sought liquidation based on a resolution passed by the Committee of Creditors (CoC) on April 29, 2019, with 100% voting in favor at the 8th CoC meeting. This was due to the 270-day period ending without approval of a Resolution Plan. The Resolution Professional determined the liquidation value to be ₹1,34,07,43,263. The Resolution Plan presented to the CoC on April 29, 2019, with a value of ₹116 Crores, was not considered within the CIRP period. The Resolution Professional then sought an exclusion of 43 days from the CIRP period, leading to an order dated June 18, 2019.
M/s. Frontier Lifeline Private Limited faced corporate insolvency. The CoC approved a resolution for liquidation on April 29, 2019, due to the failure of the resolution process within the stipulated 270-day period. The liquidation value was determined to be ₹1,34,07,43,263. A resolution plan with a value of ₹116 Crores was presented but not considered by the CoC within the CIRP period. The Resolution Professional sought exclusion of 43 days from the CIRP period. An appeal was filed before the NCLAT, which disposed of the appeal, allowing for negotiations with creditors. No scheme was proposed under Section 230 of the Companies Act, 2013. The NCLT then ordered liquidation under Section 33(1) of the IBC, 2016. Mr. S. Rajagopal, the Resolution Professional, was appointed
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CoC passed a resolution…
CP/698/IB/20…
The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, concerning M/s. Frontier Lifeline Private Limited. The Corporate Debtor sought liquidation based on a resolution passed by the Committee of Creditors (CoC) on April 29, 2019, with 100% voting in favor at the 8th CoC meeting. This was due to the 270-day period ending without approval of a Resolution Plan. The Resolution Professional determined the liquidation value to be ₹1,34,07,43,263. The Resolution Plan presented to the CoC on April 29, 2019, with a value of ₹116 Crores, was not considered within the CIRP period. The Resolution Professional then sought an exclusion of 43 days from the CIRP period, leading to an order dated June 18, 2019.
M/s. Frontier Lifeline Private Limited faced corporate insolvency. The CoC approved a resolution for liquidation on April 29, 2019, due to the failure of the resolution process within the stipulated 270-day period. The liquidation value was determined to be ₹1,34,07,43,263. A resolution plan with a value of ₹116 Crores was presented but not considered by the CoC within the CIRP period. The Resolution Professional sought exclusion of 43 days from the CIRP period. An appeal was filed before the NCLAT, which disposed of the appeal, allowing for negotiations with creditors. No scheme was proposed under Section 230 of the Companies Act, 2013. The NCLT then ordered liquidation under Section 33(1) of the IBC, 2016. Mr. S. Rajagopal, the Resolution Professional, was appointed
…CoC passed a resolution…
CP/698/IB/20…