The case involves IA 376 of 2017 filed in C.P. (I.B) No. 23/10/NCLT/AHM/2017 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by New Tech Fittings Pvt Ltd. (Corporate Debtor) under section 10 of the Code.
The case pertains to the insolvency resolution of New Tech Fittings Pvt Ltd. The CIRP was initiated based on a petition filed by New Tech Fittings Pvt Ltd. under section 10 of the IBC. The COC, in its meeting on 2017-10-27, concluded that a resolution plan was not possible. The 180-day period for arriving at a resolution plan had also expired. The resolution professional filed an application seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and ordered the liquidation of the corporate debtor. The relevance of the facts lies in establishing the failure of the resolution process and the subsequent decision to proceed with liquidation.
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The Committee of Creditors (COC) in its third…
The Adjudicating Authority passed an order for…
The case involves IA 376 of 2017 filed in C.P. (I.B) No. 23/10/NCLT/AHM/2017 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The application was filed by the resolution professional seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by New Tech Fittings Pvt Ltd. (Corporate Debtor) under section 10 of the Code.
The case pertains to the insolvency resolution of New Tech Fittings Pvt Ltd. The CIRP was initiated based on a petition filed by New Tech Fittings Pvt Ltd. under section 10 of the IBC. The COC, in its meeting on 2017-10-27, concluded that a resolution plan was not possible. The 180-day period for arriving at a resolution plan had also expired. The resolution professional filed an application seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and ordered the liquidation of the corporate debtor. The relevance of the facts lies in establishing the failure of the resolution process and the subsequent decision to proceed with liquidation.
The Committee of Creditors (COC) in its third…
The Adjudicating Authority passed an order for…