The case involves an application filed by the Resolution Professional (RP) upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, Indian Gem & Jewellery Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Vasu Publicity (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had directed the initiation of CIRP and appointed an Interim Resolution Professional (IRP). Public announcement was made in newspapers, fixing a deadline for submitting claims. The CoC was duly constituted, but no Expression of Interest (EoI) was received from any prospective resolution applicant.
Vasu Publicity Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Indian Gem & Jewellery Private Limited, the corporate debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) and appointed an Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted. Despite efforts, no Expression of Interest (EoI) was received for a resolution plan. The CoC, noting the Corporate Debtor's ceased operations, lack of major assets, and the impact of the Covid-19 pandemic, resolved to liquidate the Corporate Debtor with 100% voting in favor. The Resolution Professional (RP)
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Adjudicating Authority orders initiation of…
Public announcement made in Business Standard…
The case involves an application filed by the Resolution Professional (RP) upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, Indian Gem & Jewellery Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Vasu Publicity (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had directed the initiation of CIRP and appointed an Interim Resolution Professional (IRP). Public announcement was made in newspapers, fixing a deadline for submitting claims. The CoC was duly constituted, but no Expression of Interest (EoI) was received from any prospective resolution applicant.
Vasu Publicity Private Limited, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Indian Gem & Jewellery Private Limited, the corporate debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) and appointed an Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was constituted. Despite efforts, no Expression of Interest (EoI) was received for a resolution plan. The CoC, noting the Corporate Debtor's ceased operations, lack of major assets, and the impact of the Covid-19 pandemic, resolved to liquidate the Corporate Debtor with 100% voting in favor. The Resolution Professional (RP)
…Adjudicating Authority orders initiation of…
Public announcement made in Business Standard…