The case involves an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code (IBC) seeking direct dissolution of Klisma E-services Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on January 20, 2020. However, the Resolution Professional received the admission order on February 7, 2020. A public announcement was made, and a claim was received from Persistent Systems Limited, the original petitioner. The Interim Resolution Professional (IRP) was unable to form a Committee of Creditors (CoC) because Persistent Systems Limited, the Financial Creditor, was deemed a related party under Section 5(24)(j) of the IBC.
The Corporate Debtor, Klisma E-services Pvt. Ltd., underwent CIRP commencing on January 20, 2020. The Resolution Professional received the admission order on February 7, 2020. Persistent Systems Limited, the original petitioner and Financial Creditor, submitted a claim. The IRP could not form a CoC because Persistent Systems Limited held 50% of the Corporate Debtor's shares, making them a related party under Section 5(24)(j) of the IBC. The Corporate Debtor had been non-operational for five years with no assets to be realized and insufficient assets to discharge liabilities. The Corporate Debtor had only one bank account with a balance of Rs. 38,913.89. The applicant sought to amend the application for liquidation and seek direct dissolution based on a judgment from
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Corporate Insolvency…
Resolution Prof…
The case involves an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code (IBC) seeking direct dissolution of Klisma E-services Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on January 20, 2020. However, the Resolution Professional received the admission order on February 7, 2020. A public announcement was made, and a claim was received from Persistent Systems Limited, the original petitioner. The Interim Resolution Professional (IRP) was unable to form a Committee of Creditors (CoC) because Persistent Systems Limited, the Financial Creditor, was deemed a related party under Section 5(24)(j) of the IBC.
The Corporate Debtor, Klisma E-services Pvt. Ltd., underwent CIRP commencing on January 20, 2020. The Resolution Professional received the admission order on February 7, 2020. Persistent Systems Limited, the original petitioner and Financial Creditor, submitted a claim. The IRP could not form a CoC because Persistent Systems Limited held 50% of the Corporate Debtor's shares, making them a related party under Section 5(24)(j) of the IBC. The Corporate Debtor had been non-operational for five years with no assets to be realized and insufficient assets to discharge liabilities. The Corporate Debtor had only one bank account with a balance of Rs. 38,913.89. The applicant sought to amend the application for liquidation and seek direct dissolution based on a judgment from
…Corporate Insolvency…
Resolution Prof…