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) for resolution plans, but only one prospective resolution applicant submitted a plan. Before voting, this applicant withdrew. With no approved resolution plan after 270 days, the Committee of Creditors (CoC), comprising solely of Edelweiss, resolved to liquidate the Corporate Debtor. The RP filed applications for liquidation and
…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 The RP invited EOIs, but only one resolution applicant submitted a plan, which was later withdrawn before voting. After 270 days (27.12.2018), no resolution plan was approved, leading the CoC (solely Edelweiss) to resolve for liquidation. The RP filed I.A No. 459/2018 for liquidation and I.A No. 282/2018 regarding preferential transactions. The Promoter-Suspended Director initiated settlement talks, resulting in a Settlement Agreement dated 30.07.2019, where the Promoter agreed to pay Rs. 30 crores to Edelweiss. Edelweiss then filed
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Edelweiss Asset Reconstruction Company Limited…
The Tribunal admitted the petition and initiated…
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) for resolution plans, but only one prospective resolution applicant submitted a plan. Before voting, this applicant withdrew. With no approved resolution plan after 270 days, the Committee of Creditors (CoC), comprising solely of Edelweiss, resolved to liquidate the Corporate Debtor. The RP filed applications for liquidation and
…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 only one resolution applicant submitted a plan, which was later withdrawn before voting. After 270 days (27.12.2018), no resolution plan was approved, leading the CoC (solely Edelweiss) to resolve for liquidation. The RP filed I.A No. 459/2018 for liquidation and I.A No. 282/2018 regarding preferential transactions. The Promoter-Suspended Director initiated settlement talks, resulting in a Settlement Agreement dated 30.07.2019, where the Promoter agreed to pay Rs. 30 crores to Edelweiss. Edelweiss then filed
…Edelweiss Asset Reconstruction Company Limited…
The Tribunal admitted the petition and initiated…