The case involves IA 382/2017 in C.P. (I.B) No. 22/10/NCLT/AHM/2017 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). Micro Forge (India) Ltd., the Corporate Debtor, initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) in its meeting held on 2017-11-09 resolved that a resolution plan was not feasible and decided to proceed with liquidation, continuing with Mr. Prem Laddha as the liquidator. The 180-day period for arriving at a resolution plan had also expired.
Micro Forge (India) Ltd. (Corporate Debtor) initiated CIRP under Section 10 of the IBC. The COC, in its third meeting on 2017-11-09, concluded that a resolution plan was not possible. The 180-day period for arriving at a resolution plan had expired. An application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and decided to order the liquidation of the Corporate Debtor. The resolution professional, Mr. Prem Laddha, was appointed as the liquidator.
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The COC resolved that a resolution plan was…
The Adjudicating…
The case involves IA 382/2017 in C.P. (I.B) No. 22/10/NCLT/AHM/2017 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). Micro Forge (India) Ltd., the Corporate Debtor, initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (COC) in its meeting held on 2017-11-09 resolved that a resolution plan was not feasible and decided to proceed with liquidation, continuing with Mr. Prem Laddha as the liquidator. The 180-day period for arriving at a resolution plan had also expired.
Micro Forge (India) Ltd. (Corporate Debtor) initiated CIRP under Section 10 of the IBC. The COC, in its third meeting on 2017-11-09, concluded that a resolution plan was not possible. The 180-day period for arriving at a resolution plan had expired. An application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and decided to order the liquidation of the Corporate Debtor. The resolution professional, Mr. Prem Laddha, was appointed as the liquidator.
The COC resolved that a resolution plan was…
The Adjudicating…