The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against IAP Company Pvt. Ltd. following an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Takkshill Enterprises, an Operational Creditor. The application was admitted on 2018-02-28. Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Despite several Committee of Creditors (CoC) meetings, a resolution plan could not be approved, with a majority of the CoC voting against it. The CoC recommended liquidation, advising the RP to take measures to reduce fixed costs and maintain the Corporate Debtor as a going concern during the intervening period until the liquidation order.
Takkshill Enterprises filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against IAP Company Pvt. Ltd. The application was admitted on 2018-02-28, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Several meetings of the Committee of Creditors (CoC) were held. In the 11th CoC meeting held on 2019-02-01, the resolution plan was discussed, but 68.58% of the CoC members voted against it, 25.88% abstained, and only 5.54% voted in favor. The CoC recommended liquidation and advised the RP to take measures to reduce fixed costs and maintain the Corporate Debtor as a going concern. The RP filed
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Takkshill Enterprises filed an application under…
The application filed by Takkshill Enterprises…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against IAP Company Pvt. Ltd. following an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Takkshill Enterprises, an Operational Creditor. The application was admitted on 2018-02-28. Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Despite several Committee of Creditors (CoC) meetings, a resolution plan could not be approved, with a majority of the CoC voting against it. The CoC recommended liquidation, advising the RP to take measures to reduce fixed costs and maintain the Corporate Debtor as a going concern during the intervening period until the liquidation order.
Takkshill Enterprises filed an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, against IAP Company Pvt. Ltd. The application was admitted on 2018-02-28, initiating the Corporate Insolvency Resolution Process (CIRP). Mr. Dharmendra Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Several meetings of the Committee of Creditors (CoC) were held. In the 11th CoC meeting held on 2019-02-01, the resolution plan was discussed, but 68.58% of the CoC members voted against it, 25.88% abstained, and only 5.54% voted in favor. The CoC recommended liquidation and advised the RP to take measures to reduce fixed costs and maintain the Corporate Debtor as a going concern. The RP filed
…Takkshill Enterprises filed an application under…
The application filed by Takkshill Enterprises…