The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Global Houseware Limited, the Corporate Debtor (CD), following an application by Anant Overseas Private Limited, the Operational Creditor (OC). The CIRP was initiated on 03.05.2017. Several applications were filed, including those by the Resolution Professional (RP) seeking directions and orders, and by Resolution Applicants (promoters of the CD) challenging the rejection of their resolution plans. The Committee of Creditors (COC) rejected the resolution plans, recommending liquidation. The Resolution Applicants contested this decision, citing amendments to the Insolvency and Bankruptcy Code (IBC) and eligibility criteria. The NCLT considered these applications, the COC's decisions,
…1. Anant Overseas Private Limited initiated CIRP against Global Houseware Limited on 03.05.2017.
2. Ashwani Kumar was initially appointed as the IRP, later replaced by Vijender Sharma as the RP.
3. The COC rejected the resolution plans submitted by the promoters (Resolution Applicants) due to ineligibility under Section 29A of IBC and failure to meet the net worth criteria.
4. The COC recommended liquidation of the Corporate Debtor.
5. The Resolution Applicants challenged the COC's decision, citing amendments to the IBC and seeking consideration under Section 240A.
6. The RP reported that the Corporate Debtor had not been operational since 01.04.2017 and had very few employees.
7. The COC considered the resolution plans but rejected them with a majority vote of 83.45%.
8. The
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Application under Section 9 of IBC filed by…
Status Repor…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Global Houseware Limited, the Corporate Debtor (CD), following an application by Anant Overseas Private Limited, the Operational Creditor (OC). The CIRP was initiated on 03.05.2017. Several applications were filed, including those by the Resolution Professional (RP) seeking directions and orders, and by Resolution Applicants (promoters of the CD) challenging the rejection of their resolution plans. The Committee of Creditors (COC) rejected the resolution plans, recommending liquidation. The Resolution Applicants contested this decision, citing amendments to the Insolvency and Bankruptcy Code (IBC) and eligibility criteria. The NCLT considered these applications, the COC's decisions,
…1. Anant Overseas Private Limited initiated CIRP against Global Houseware Limited on 03.05.2017.
2. Ashwani Kumar was initially appointed as the IRP, later replaced by Vijender Sharma as the RP.
3. The COC rejected the resolution plans submitted by the promoters (Resolution Applicants) due to ineligibility under Section 29A of IBC and failure to meet the net worth criteria.
4. The COC recommended liquidation of the Corporate Debtor.
5. The Resolution Applicants challenged the COC's decision, citing amendments to the IBC and seeking consideration under Section 240A.
6. The RP reported that the Corporate Debtor had not been operational since 01.04.2017 and had very few employees.
7. The COC considered the resolution plans but rejected them with a majority vote of 83.45%.
8. The
Application under Section 9 of IBC filed by…
Status Repor…