The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, JMD Oils Private Limited. The Financial Creditor, Indian Overseas Bank, had initially filed a Company Petition under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was constituted on 07.01.2019, and multiple CoC meetings were held to explore resolution plans. Despite several extensions and opportunities, no viable resolution plan emerged within the CIRP period. Consequently, the CoC resolved to initiate the
…Indian Overseas Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against JMD Oils Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was formed on 07.01.2019, and several meetings were conducted to explore resolution plans. The CoC invited Expression of Interest (Eol) from Prospective Resolution Applicants (PRAs) and extended the last date for submission multiple times. Four entities submitted Eols, including Jatalia Global Ventures Limited, Prudent ARC Limited, Mr. Gautam Chopra, and a Consortium of PRA. AB Global Trade Pvt. Ltd. (Consortium of PRA) submitted a resolution plan but later
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The application for initiating CIRP against JMD…
The Committee of…
The case pertains to an application filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, JMD Oils Private Limited. The Financial Creditor, Indian Overseas Bank, had initially filed a Company Petition under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was constituted on 07.01.2019, and multiple CoC meetings were held to explore resolution plans. Despite several extensions and opportunities, no viable resolution plan emerged within the CIRP period. Consequently, the CoC resolved to initiate the
…Indian Overseas Bank, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against JMD Oils Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 11.12.2018. The Committee of Creditors (CoC) was formed on 07.01.2019, and several meetings were conducted to explore resolution plans. The CoC invited Expression of Interest (Eol) from Prospective Resolution Applicants (PRAs) and extended the last date for submission multiple times. Four entities submitted Eols, including Jatalia Global Ventures Limited, Prudent ARC Limited, Mr. Gautam Chopra, and a Consortium of PRA. AB Global Trade Pvt. Ltd. (Consortium of PRA) submitted a resolution plan but later
…The application for initiating CIRP against JMD…
The Committee of…