The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions to liquidate the Corporate Debtor, M/s. Global Infonet Distributions Private Limited. IBM India Pvt. Ltd., the Financial Creditor, had previously filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 03.03.2020. Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made in newspapers inviting claims from creditors. A Committee of Creditors (COC) was constituted. The IRP informed the COC that claims amounting to Rs. 34 Crores had been
…IBM India Pvt. Ltd., the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Global Infonet Distribution Pvt. Ltd., the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 03.03.2020, and Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The IRP constituted a Committee of Creditors (COC). The IRP received claims amounting to Rs. 34 Crores, while the estimated liquidation value of the Corporate Debtor was approximately Rs. 2 Crores. No resolution plan was received, leading the COC to unanimously decide to file an application for liquidation. The
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The Tribunal admitted the application filed…
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The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions to liquidate the Corporate Debtor, M/s. Global Infonet Distributions Private Limited. IBM India Pvt. Ltd., the Financial Creditor, had previously filed an application under Section 7 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted by the Tribunal on 03.03.2020. Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made in newspapers inviting claims from creditors. A Committee of Creditors (COC) was constituted. The IRP informed the COC that claims amounting to Rs. 34 Crores had been
…IBM India Pvt. Ltd., the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Global Infonet Distribution Pvt. Ltd., the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 03.03.2020, and Mr. Yogender Pal Singhal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The IRP constituted a Committee of Creditors (COC). The IRP received claims amounting to Rs. 34 Crores, while the estimated liquidation value of the Corporate Debtor was approximately Rs. 2 Crores. No resolution plan was received, leading the COC to unanimously decide to file an application for liquidation. The
…The Tribunal admitted the application filed…
The Interim Resolution Professional made a…