The case involves an application (IA-3602/2020) filed in IB/310/ND/2019 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the Corporate Debtor, Lifestyle Fitness Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated earlier, and Mr. Shyam Arora was appointed as the Interim Resolution Professional (IRP). Later, Mr. Kamal Agarwal was proposed as the Resolution Professional (RP) and his appointment was confirmed by the Tribunal. An application for extension of CIRP was dismissed. No resolution plan was received.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Lifestyle Fitness Private Limited. Initially, IB/310/ND/2019 was filed under Section 9 of the I&B Code, 2016, and the CIR process was initiated on 2019-06-14. Shyam Arora was appointed as the Interim Resolution Professional (IRP). Subsequently, Kamal Agarwal was appointed as the Resolution Professional (RP). The sole financial creditor decided not to appoint the IRP as the RP. The existing statutory auditors of the Corporate Debtor did not cooperate and failed to provide the audited balance sheet for the financial year 2018-19 and provisional balance sheet up to 2019-06-14. The COC decided to remove them due to non-performance. The suspended board of directors failed to share information with
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CIRP initiated against the Corporate Debtor,…
IRP made a…
The case involves an application (IA-3602/2020) filed in IB/310/ND/2019 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the Corporate Debtor, Lifestyle Fitness Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated earlier, and Mr. Shyam Arora was appointed as the Interim Resolution Professional (IRP). Later, Mr. Kamal Agarwal was proposed as the Resolution Professional (RP) and his appointment was confirmed by the Tribunal. An application for extension of CIRP was dismissed. No resolution plan was received.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Lifestyle Fitness Private Limited. Initially, IB/310/ND/2019 was filed under Section 9 of the I&B Code, 2016, and the CIR process was initiated on 2019-06-14. Shyam Arora was appointed as the Interim Resolution Professional (IRP). Subsequently, Kamal Agarwal was appointed as the Resolution Professional (RP). The sole financial creditor decided not to appoint the IRP as the RP. The existing statutory auditors of the Corporate Debtor did not cooperate and failed to provide the audited balance sheet for the financial year 2018-19 and provisional balance sheet up to 2019-06-14. The COC decided to remove them due to non-performance. The suspended board of directors failed to share information with
…CIRP initiated against the Corporate Debtor,…
IRP made a…