The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Vivid Colours Pvt. Ltd., the financial creditor, against Jenson & Nicholson (India) Ltd., the corporate debtor, for initiating the corporate insolvency resolution process. The application was admitted on 7/8/2017. Mr. Vinay Talwar was appointed as the Resolution Professional (RP). The Committee of Creditors (COC) was convened, and four progress reports were submitted. The period for submission of a resolution plan expired on 2/2/2018. The COC, in a meeting held on 8/1/2018, unanimously decided to propose the liquidation of the corporate debtor due to a lack of serious interest from promoters.
Vivid Colours Pvt. Ltd. initiated corporate insolvency resolution process against Jenson & Nicholson (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-08-07. Vinay Talwar was appointed as the Resolution Professional. The Committee of Creditors (COC) was formed, and several progress reports were submitted. The deadline for submitting a resolution plan passed on 2018-02-02. Due to a lack of interest from potential promoters, the COC decided on 2018-08-01 to liquidate Jenson & Nicholson (India) Ltd. The Resolution Professional submitted a report recommending liquidation under Section 33(2) of the IBC. The Adjudicating Authority found no alternative but to order liquidation as no resolution plan was
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Application…
Statutory limit of 180…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Vivid Colours Pvt. Ltd., the financial creditor, against Jenson & Nicholson (India) Ltd., the corporate debtor, for initiating the corporate insolvency resolution process. The application was admitted on 7/8/2017. Mr. Vinay Talwar was appointed as the Resolution Professional (RP). The Committee of Creditors (COC) was convened, and four progress reports were submitted. The period for submission of a resolution plan expired on 2/2/2018. The COC, in a meeting held on 8/1/2018, unanimously decided to propose the liquidation of the corporate debtor due to a lack of serious interest from promoters.
Vivid Colours Pvt. Ltd. initiated corporate insolvency resolution process against Jenson & Nicholson (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2017-08-07. Vinay Talwar was appointed as the Resolution Professional. The Committee of Creditors (COC) was formed, and several progress reports were submitted. The deadline for submitting a resolution plan passed on 2018-02-02. Due to a lack of interest from potential promoters, the COC decided on 2018-08-01 to liquidate Jenson & Nicholson (India) Ltd. The Resolution Professional submitted a report recommending liquidation under Section 33(2) of the IBC. The Adjudicating Authority found no alternative but to order liquidation as no resolution plan was
…Application…
Statutory limit of 180…