The case involves an application (MA-135/2019) filed by the Resolution Professional (RP) under section 33(2) of the Insolvency and Bankruptcy Code (I&B Code) before the National Company Law Tribunal (NCLT), Mumbai Bench. A resolution of the Committee of Creditors (COC) dated 09.01.2019 was placed on record and approved by majority. However, since there was no resolution plan for due consideration of COC, as reported vide Resolution No. 4, it was resolved that this is a fit case for granting the process of liquidation.
The Resolution Professional (RP) filed an application (MA-135/2019) under section 33(2) of the Insolvency and Bankruptcy Code (I&B Code) seeking an order for liquidation. A resolution of the Committee of Creditors (COC) dated 09.01.2019 was placed on record and approved by majority. The COC determined that no resolution plan was viable, as reported in Resolution No. 4. Consequently, the COC resolved that the corporate debtor should undergo liquidation. Mr. Prakash Nath Mishra, the Learned Counsel for the RP, consented to act as the Liquidator. The relevance of these facts lies in establishing the grounds for initiating the liquidation process, the COC's decision-making process, and the appointment of a liquidator.
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Resolution of the COC…
Order sheet of the hearing of Mumbai Bench…
The case involves an application (MA-135/2019) filed by the Resolution Professional (RP) under section 33(2) of the Insolvency and Bankruptcy Code (I&B Code) before the National Company Law Tribunal (NCLT), Mumbai Bench. A resolution of the Committee of Creditors (COC) dated 09.01.2019 was placed on record and approved by majority. However, since there was no resolution plan for due consideration of COC, as reported vide Resolution No. 4, it was resolved that this is a fit case for granting the process of liquidation.
The Resolution Professional (RP) filed an application (MA-135/2019) under section 33(2) of the Insolvency and Bankruptcy Code (I&B Code) seeking an order for liquidation. A resolution of the Committee of Creditors (COC) dated 09.01.2019 was placed on record and approved by majority. The COC determined that no resolution plan was viable, as reported in Resolution No. 4. Consequently, the COC resolved that the corporate debtor should undergo liquidation. Mr. Prakash Nath Mishra, the Learned Counsel for the RP, consented to act as the Liquidator. The relevance of these facts lies in establishing the grounds for initiating the liquidation process, the COC's decision-making process, and the appointment of a liquidator.
Resolution of the COC…
Order sheet of the hearing of Mumbai Bench…