The case involves an application regarding the Corporate Insolvency Resolution Process (CIRP) of MPL Motors Pvt Ltd. The CIRP was initiated on 2020-11-20. The Resolution Professional (RP) was appointed. The Committee of Creditors (CoC) has only one financial creditor. The RP has not appointed two registered valuers to determine the fair value and liquidation value of the Corporate Debtor, as mandated by Regulation 27 of the IBBI Regulations, 2016. The CoC passed a resolution for liquidation without exploring the possibility of insolvency resolution and without the RP finalizing the books of accounts or ascertaining the assets and liabilities of the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against MPL Motors Pvt Ltd on 2020-11-20. A. Mohankumar was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consists of only one financial creditor. The RP did not appoint two registered valuers within the stipulated timeframe to determine the fair value and liquidation value of the Corporate Debtor, as required by Regulation 27 of the IBBI Regulations, 2016. The books of accounts of the Corporate Debtor are incomplete. The RP informed the CoC that no resolution plan was submitted, even without issuing an Expression of Interest. The CoC passed a resolution for liquidation without the RP finalizing the books of accounts or ascertaining the assets and liabilities of the
…Sign in to view the parties.
The Corporate…
Public announce…
Sign in to view related legal provisions.
The case involves an application regarding the Corporate Insolvency Resolution Process (CIRP) of MPL Motors Pvt Ltd. The CIRP was initiated on 2020-11-20. The Resolution Professional (RP) was appointed. The Committee of Creditors (CoC) has only one financial creditor. The RP has not appointed two registered valuers to determine the fair value and liquidation value of the Corporate Debtor, as mandated by Regulation 27 of the IBBI Regulations, 2016. The CoC passed a resolution for liquidation without exploring the possibility of insolvency resolution and without the RP finalizing the books of accounts or ascertaining the assets and liabilities of the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against MPL Motors Pvt Ltd on 2020-11-20. A. Mohankumar was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) consists of only one financial creditor. The RP did not appoint two registered valuers within the stipulated timeframe to determine the fair value and liquidation value of the Corporate Debtor, as required by Regulation 27 of the IBBI Regulations, 2016. The books of accounts of the Corporate Debtor are incomplete. The RP informed the CoC that no resolution plan was submitted, even without issuing an Expression of Interest. The CoC passed a resolution for liquidation without the RP finalizing the books of accounts or ascertaining the assets and liabilities of the
…The Corporate…
Public announce…
Sign in to view related legal provisions.