The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Reliance Commercial Finance Limited against Laxmivinayak Rice Mill Private Limited for initiating Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and Mr. Kanchan Dutta was appointed as the Insolvency Resolution Professional. However, the Resolution Professional failed to receive any resolution plan, and the Committee of Creditors (CoC) unanimously decided not to extend the CIRP beyond 180 days.
Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Laxmivinayak Rice Mill Private Limited. The application was admitted on September 19, 2017, and Mr. Kanchan Dutta was appointed as the Insolvency Resolution Professional (IRP). The CIRP period expired on March 17, 2018. The Resolution Professional (RP) reported that the Corporate Debtor did not provide necessary support and cooperation, including the submission of accounts and information required for preparing the Information Memorandum. The Committee of Creditors (CoC) held five meetings but decided not to extend the CIRP beyond 180 days due to the lack of a resolution plan. The RP
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Application…
CIRP peri…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Reliance Commercial Finance Limited against Laxmivinayak Rice Mill Private Limited for initiating Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated, and Mr. Kanchan Dutta was appointed as the Insolvency Resolution Professional. However, the Resolution Professional failed to receive any resolution plan, and the Committee of Creditors (CoC) unanimously decided not to extend the CIRP beyond 180 days.
Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Laxmivinayak Rice Mill Private Limited. The application was admitted on September 19, 2017, and Mr. Kanchan Dutta was appointed as the Insolvency Resolution Professional (IRP). The CIRP period expired on March 17, 2018. The Resolution Professional (RP) reported that the Corporate Debtor did not provide necessary support and cooperation, including the submission of accounts and information required for preparing the Information Memorandum. The Committee of Creditors (CoC) held five meetings but decided not to extend the CIRP beyond 180 days due to the lack of a resolution plan. The RP
…Application…
CIRP peri…