The case involves an application filed by Gujarat Oleo Chem Ltd seeking an order of liquidation under section 33(1) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) had commenced based on a petition filed by Gujarat Oleo Chem Ltd. under section 10 of the Code, with an IRP appointed. The Committee of Creditors (COC) rejected a resolution plan submitted by the promoter director during its fourth meeting on 19.09.2017. No other resolution plan was received, and no resolution was passed by the COC to extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation of the Corporate Debtor.
Gujarat Oleo Chem Ltd. filed an application seeking liquidation under Section 33(1) of the Insolvency and Bankruptcy Code (IBC). A Corporate Insolvency Resolution Process (CIRP) had previously commenced based on a petition filed by Gujarat Oleo Chem Ltd. under Section 10 of the IBC, leading to the appointment of an Interim Resolution Professional (IRP). During the fourth meeting of the Committee of Creditors (COC) held on September 19, 2017, a resolution plan submitted by the promoter director was rejected. No other resolution plan was received, and the COC did not extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation. The court then ordered the liquidation of the Corporate Debtor under Section
…Sign in to view the parties.
COC in its fourth meeting held on 19.09.2017…
Order for liquidation…
The case involves an application filed by Gujarat Oleo Chem Ltd seeking an order of liquidation under section 33(1) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) had commenced based on a petition filed by Gujarat Oleo Chem Ltd. under section 10 of the Code, with an IRP appointed. The Committee of Creditors (COC) rejected a resolution plan submitted by the promoter director during its fourth meeting on 19.09.2017. No other resolution plan was received, and no resolution was passed by the COC to extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation of the Corporate Debtor.
Gujarat Oleo Chem Ltd. filed an application seeking liquidation under Section 33(1) of the Insolvency and Bankruptcy Code (IBC). A Corporate Insolvency Resolution Process (CIRP) had previously commenced based on a petition filed by Gujarat Oleo Chem Ltd. under Section 10 of the IBC, leading to the appointment of an Interim Resolution Professional (IRP). During the fourth meeting of the Committee of Creditors (COC) held on September 19, 2017, a resolution plan submitted by the promoter director was rejected. No other resolution plan was received, and the COC did not extend the CIRP period. The Resolution Professional (RP) stated that the financial creditor required him to move for liquidation. The court then ordered the liquidation of the Corporate Debtor under Section
…COC in its fourth meeting held on 19.09.2017…
Order for liquidation…