The case involves an application filed by the Resolution Professional seeking liquidation of Kosak Engineering and Rubber Products Pvt. Ltd., the Corporate Debtor, due to the absence of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional by the Committee of Creditors (CoC). Public announcements were made to invite claims from creditors and expressions of interest from potential resolution applicants. However, no resolution plan was received.
The Financial Creditor initiated Corporate Insolvency Resolution Process (CIRP) against Kosak Engineering and Rubber Products Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims and expressions of interest. The last date for submission of claims by creditors was 2019-10-15. The last date for submission of resolution plans was 2020-02-13. The Committee of Creditors (CoC) was informed that there were no chances of revival of the Corporate Debtor. The CoC resolved to initiate liquidation under Section 33(1)(a) of the IBC. The Resolution Professional filed an application for liquidation
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Filing of the Corporate…
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The case involves an application filed by the Resolution Professional seeking liquidation of Kosak Engineering and Rubber Products Pvt. Ltd., the Corporate Debtor, due to the absence of a resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was initially appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional by the Committee of Creditors (CoC). Public announcements were made to invite claims from creditors and expressions of interest from potential resolution applicants. However, no resolution plan was received.
The Financial Creditor initiated Corporate Insolvency Resolution Process (CIRP) against Kosak Engineering and Rubber Products Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Pankaj Sham Joshi was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims and expressions of interest. The last date for submission of claims by creditors was 2019-10-15. The last date for submission of resolution plans was 2020-02-13. The Committee of Creditors (CoC) was informed that there were no chances of revival of the Corporate Debtor. The CoC resolved to initiate liquidation under Section 33(1)(a) of the IBC. The Resolution Professional filed an application for liquidation
…Filing of the Corporate…
Adjudicating Authority…