The case involves an application by the Liquidator of M/s. Global Proserv Limited, the Corporate Debtor, under Sections 54 and 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition under Section 9 of the Code, which was admitted on 23.02.2018. Mr. Sanjay Kumar Ruia was initially appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and intimated creditors to submit claims. A Committee of Creditors (CoC) was formed, consisting only of Operational Creditors as no Financial Creditor filed a claim. The CoC decided that the
…M/s. Global Proserv Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 was admitted on 23.02.2018. Sanjay Kumar Ruia was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements for submission of claims. The Committee of Creditors (CoC) was formed, consisting only of Operational Creditors, as no Financial Creditor filed any claim. The CoC determined that the Corporate Debtor had no scope for revival, was non-operative for two years, and had no employees. The CoC decided to liquidate the Corporate Debtor as a non-going concern. The RP filed an application for liquidation, which was allowed on 29.08.2019. The Insolvency and
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Company Petition under…
Mr. Sanjay Kumar Ruia…
The case involves an application by the Liquidator of M/s. Global Proserv Limited, the Corporate Debtor, under Sections 54 and 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, seeking the dissolution of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a company petition under Section 9 of the Code, which was admitted on 23.02.2018. Mr. Sanjay Kumar Ruia was initially appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and intimated creditors to submit claims. A Committee of Creditors (CoC) was formed, consisting only of Operational Creditors as no Financial Creditor filed a claim. The CoC decided that the
…M/s. Global Proserv Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 was admitted on 23.02.2018. Sanjay Kumar Ruia was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements for submission of claims. The Committee of Creditors (CoC) was formed, consisting only of Operational Creditors, as no Financial Creditor filed any claim. The CoC determined that the Corporate Debtor had no scope for revival, was non-operative for two years, and had no employees. The CoC decided to liquidate the Corporate Debtor as a non-going concern. The RP filed an application for liquidation, which was allowed on 29.08.2019. The Insolvency and
…Company Petition under…
Mr. Sanjay Kumar Ruia…