The case involves an application filed under Section 33 read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking an order for the liquidation and appointment of a liquidator for Hipad Technology India Private Limited. The Adjudicating Authority had previously initiated the CIRP based on a petition filed by the Financial Creditor under Section 7 of the Code. The Committee of Creditors (COC) decided to liquidate the Corporate Debtor due to the deterioration of assets and the lack of prospects for resolution.
The Adjudicating Authority initiated the CIRP for Hipad Technology India Private Limited based on a petition filed by the Financial Creditor under Section 7 of the IBC. Mr. Sandeep Chandna was initially appointed as the IRP but was later replaced by Mr. Ajit Kumar as RP. The COC, after considering the deteriorated condition of the company's assets and the lack of a viable resolution plan, decided to liquidate the Corporate Debtor. The assets, including heavy machinery, were left at the premises of Nimmi Build Tech Pvt. Ltd without maintenance or security after the suspended directors absconded from the country. The RP appraised the procedure of liquidation to the COC. The COC passed a resolution with 100% voting shares to liquidate the Corporate Debtor. The RP filed an
…Sign in to view the parties.
The Adjudicating Authority passed an order…
The tribunal approved the replacement of the…
The case involves an application filed under Section 33 read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking an order for the liquidation and appointment of a liquidator for Hipad Technology India Private Limited. The Adjudicating Authority had previously initiated the CIRP based on a petition filed by the Financial Creditor under Section 7 of the Code. The Committee of Creditors (COC) decided to liquidate the Corporate Debtor due to the deterioration of assets and the lack of prospects for resolution.
The Adjudicating Authority initiated the CIRP for Hipad Technology India Private Limited based on a petition filed by the Financial Creditor under Section 7 of the IBC. Mr. Sandeep Chandna was initially appointed as the IRP but was later replaced by Mr. Ajit Kumar as RP. The COC, after considering the deteriorated condition of the company's assets and the lack of a viable resolution plan, decided to liquidate the Corporate Debtor. The assets, including heavy machinery, were left at the premises of Nimmi Build Tech Pvt. Ltd without maintenance or security after the suspended directors absconded from the country. The RP appraised the procedure of liquidation to the COC. The COC passed a resolution with 100% voting shares to liquidate the Corporate Debtor. The RP filed an
…The Adjudicating Authority passed an order…
The tribunal approved the replacement of the…