Hempragati Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JPM Export Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 27.01.2021 and appointed Mr. Avishek Gupta as the Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional (RP). Public announcement was made on 30.01.2021, fixing 10.02.2021 as the last date for submitting claims. The IRP received claims, verified them, and constituted the Committee of Creditors (CoC).
Hempragati Vyapaar Private Limited initiated CIRP against JPM Export Private Limited under Section 7 of the IBC. Avishek Gupta was appointed as IRP and later RP. Public announcement was made, and claims were invited. The CoC was constituted. Four EoIs were received, but only Klick2Buy Ventures Private Limited submitted a resolution plan. The CoC found the plan unsatisfactory. A revised plan was also deemed unsatisfactory. The CoC, with 97.38% voting share, decided to liquidate the Corporate Debtor. The RP filed an application for liquidation under Section 33 of the IBC. Avishek Gupta was elected as liquidator.
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The Adjudicating Authority directed initiation…
Public announcement was…
Hempragati Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JPM Export Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on 27.01.2021 and appointed Mr. Avishek Gupta as the Interim Resolution Professional (IRP), who was later appointed as the Resolution Professional (RP). Public announcement was made on 30.01.2021, fixing 10.02.2021 as the last date for submitting claims. The IRP received claims, verified them, and constituted the Committee of Creditors (CoC).
Hempragati Vyapaar Private Limited initiated CIRP against JPM Export Private Limited under Section 7 of the IBC. Avishek Gupta was appointed as IRP and later RP. Public announcement was made, and claims were invited. The CoC was constituted. Four EoIs were received, but only Klick2Buy Ventures Private Limited submitted a resolution plan. The CoC found the plan unsatisfactory. A revised plan was also deemed unsatisfactory. The CoC, with 97.38% voting share, decided to liquidate the Corporate Debtor. The RP filed an application for liquidation under Section 33 of the IBC. Avishek Gupta was elected as liquidator.
The Adjudicating Authority directed initiation…
Public announcement was…