The case involves an application filed by the Resolution Professional (RP) of Nicomet Industries Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016. The RP was appointed as the Interim Resolution Professional (IRP) and later as the RP. The ex-promoters challenged the admission order, leading to a stay by the Supreme Court, which was later lifted. The Committee of Creditors (CoC) rejected the resolution plans and resolved to liquidate the Corporate Debtor.
The petition was filed under Section 33(1) of the IBC, 2016. The Corporate Debtor is Nicomet Industries Limited. The Resolution Professional (RP) is Devang Sampat. The CIRP was initiated based on a petition under Section 9 of the IBC. The ex-promoters challenged the admission order, leading to a stay by the Supreme Court, which was later lifted. The CoC rejected all resolution plans submitted. The CoC then resolved to liquidate the Corporate Debtor with a voting share of 96.12%. The RP sought directions regarding CIRP costs. The RP has not given his consent to act as the liquidator. The CIRP period of 180 days was due to expire on 25.09.2019, and was extended by 90 days until 23.12.2019.
Sign in to view the parties.
The Bench admitted the Petition (С.Р. (IB)…
The IRP constit…
The case involves an application filed by the Resolution Professional (RP) of Nicomet Industries Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016. The RP was appointed as the Interim Resolution Professional (IRP) and later as the RP. The ex-promoters challenged the admission order, leading to a stay by the Supreme Court, which was later lifted. The Committee of Creditors (CoC) rejected the resolution plans and resolved to liquidate the Corporate Debtor.
The petition was filed under Section 33(1) of the IBC, 2016. The Corporate Debtor is Nicomet Industries Limited. The Resolution Professional (RP) is Devang Sampat. The CIRP was initiated based on a petition under Section 9 of the IBC. The ex-promoters challenged the admission order, leading to a stay by the Supreme Court, which was later lifted. The CoC rejected all resolution plans submitted. The CoC then resolved to liquidate the Corporate Debtor with a voting share of 96.12%. The RP sought directions regarding CIRP costs. The RP has not given his consent to act as the liquidator. The CIRP period of 180 days was due to expire on 25.09.2019, and was extended by 90 days until 23.12.2019.
The Bench admitted the Petition (С.Р. (IB)…
The IRP constit…