Edelweiss Asset Reconstruction Company Limited, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Live 100 Hospital Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the NCLT on 02.04.2018, and an Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) from prospective resolution applicants. However, the financial creditor, being the sole member of the Committee of Creditors (COC), sought to withdraw the CIRP under Section 12A of the IBC due to a settlement reached with the Corporate Debtor's promoter.
Edelweiss Asset Reconstruction Company Limited initiated CIRP against Live 100 Hospital Private Limited under Section 7 of IBC. The petition was admitted on 02.04.2018, and Rajesh Jhunjhunwala was appointed as IRP, later confirmed as RP. The RP invited EOIs, but one prospective resolution applicant withdrew before voting. The 270-day CIRP period ended on 27.12.2018 without a resolution plan. The financial creditor, being the sole member of COC, resolved to liquidate the corporate debtor. The RP filed applications for liquidation (I.A No. 459/2018) and for appointment as liquidator (I.A No. 114/2019). The RP also filed an application (I.A No. 282/2018) seeking reliefs against the ex-promoter. The promoter agreed to pay Rs. 30 crores to the financial creditor as full
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Edelweiss Asset Reconstruction Company Limited…
The Tribunal admitted…
Edelweiss Asset Reconstruction Company Limited, the financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Live 100 Hospital Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted by the NCLT on 02.04.2018, and an Interim Resolution Professional (IRP) was appointed, later confirmed as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) from prospective resolution applicants. However, the financial creditor, being the sole member of the Committee of Creditors (COC), sought to withdraw the CIRP under Section 12A of the IBC due to a settlement reached with the Corporate Debtor's promoter.
Edelweiss Asset Reconstruction Company Limited initiated CIRP against Live 100 Hospital Private Limited under Section 7 of IBC. The petition was admitted on 02.04.2018, and Rajesh Jhunjhunwala was appointed as IRP, later confirmed as RP. The RP invited EOIs, but one prospective resolution applicant withdrew before voting. The 270-day CIRP period ended on 27.12.2018 without a resolution plan. The financial creditor, being the sole member of COC, resolved to liquidate the corporate debtor. The RP filed applications for liquidation (I.A No. 459/2018) and for appointment as liquidator (I.A No. 114/2019). The RP also filed an application (I.A No. 282/2018) seeking reliefs against the ex-promoter. The promoter agreed to pay Rs. 30 crores to the financial creditor as full
…Edelweiss Asset Reconstruction Company Limited…
The Tribunal admitted…