The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional seeking liquidation of Glaze Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Glaze Infrastructure Private Limited based on a petition filed by Saint Gobain India Private Limited, an operational creditor, under Section 9 of the IBC. The resolution plan submitted by Select Products Private Limited was not approved by the Committee of Creditors (CoC) with the required majority (exceeding 66%). The CoC, in its eighth meeting, passed a resolution with 99.99% vote share to approve the liquidation of the Corporate Debtor.
Saint Gobain India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Glaze Infrastructure Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an operational creditor. The Adjudicating Authority admitted the petition and appointed an Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted. A resolution plan submitted by Select Products Private Limited failed to secure the required 66% vote share for approval. Consequently, the CoC, in its eighth meeting held on December 1, 2020, resolved with a 99.99% vote share to liquidate Glaze Infrastructure Private Limited. The RP then filed an application under Section 33
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The case involves an application under Section 33 of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional seeking liquidation of Glaze Infrastructure Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Glaze Infrastructure Private Limited based on a petition filed by Saint Gobain India Private Limited, an operational creditor, under Section 9 of the IBC. The resolution plan submitted by Select Products Private Limited was not approved by the Committee of Creditors (CoC) with the required majority (exceeding 66%). The CoC, in its eighth meeting, passed a resolution with 99.99% vote share to approve the liquidation of the Corporate Debtor.
Saint Gobain India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Glaze Infrastructure Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an operational creditor. The Adjudicating Authority admitted the petition and appointed an Interim Resolution Professional (IRP). The IRP was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted. A resolution plan submitted by Select Products Private Limited failed to secure the required 66% vote share for approval. Consequently, the CoC, in its eighth meeting held on December 1, 2020, resolved with a 99.99% vote share to liquidate Glaze Infrastructure Private Limited. The RP then filed an application under Section 33
…The Adjudicating Authority passed an order for…
The first meeting of the Committee of…