Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jinprabhu Infrastructure Developments Limited, the corporate debtor. The application was admitted on April 6, 2018, and Ms. Sonu Jain was appointed as the Insolvency Resolution Professional (IRP). The IRP initiated the CIRP, issued a public announcement, and called for expressions of interest. Two resolution plans were received from M/s. JVS Construction Company Private Limited and M/s. Spartan Global Solution Limited. However, JVS Construction Company Private Limited withdrew its resolution plan due to subsequent events. The Committee of
…Light Speed Trade & Consultancy Private Limited, an operational creditor, initiated CIRP against Jinprabhu Infrastructure Developments Limited. The application was admitted on April 6, 2018, and Ms. Sonu Jain was appointed as the IRP. The IRP received two resolution plans, one from JVS Construction Company Private Limited and another from Spartan Global Solution Limited. JVS Construction Company Private Limited withdrew its resolution plan. The Committee of Creditors (CoC) unanimously decided to liquidate the corporate debtor because both resolution applicants showed no interest in the assets of the corporate debtor. The corporate debtor's main business in trading shares was suspended by the Calcutta Stock Exchange in June 1997. The corporate debtor had not availed
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The applicati…
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Light Speed Trade & Consultancy Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Jinprabhu Infrastructure Developments Limited, the corporate debtor. The application was admitted on April 6, 2018, and Ms. Sonu Jain was appointed as the Insolvency Resolution Professional (IRP). The IRP initiated the CIRP, issued a public announcement, and called for expressions of interest. Two resolution plans were received from M/s. JVS Construction Company Private Limited and M/s. Spartan Global Solution Limited. However, JVS Construction Company Private Limited withdrew its resolution plan due to subsequent events. The Committee of
…Light Speed Trade & Consultancy Private Limited, an operational creditor, initiated CIRP against Jinprabhu Infrastructure Developments Limited. The application was admitted on April 6, 2018, and Ms. Sonu Jain was appointed as the IRP. The IRP received two resolution plans, one from JVS Construction Company Private Limited and another from Spartan Global Solution Limited. JVS Construction Company Private Limited withdrew its resolution plan. The Committee of Creditors (CoC) unanimously decided to liquidate the corporate debtor because both resolution applicants showed no interest in the assets of the corporate debtor. The corporate debtor's main business in trading shares was suspended by the Calcutta Stock Exchange in June 1997. The corporate debtor had not availed
…The applicati…
Progress report filed…