The Resolution Professional (RP) filed an application seeking an order for liquidation based on a resolution passed by the Committee of Creditors (CoC) in its 9th meeting held on November 26, 2020. Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on December 3, 2019, with admitted claims aggregating to ₹23,53,55,373. The RP filed an application under Section 19(2) of the Insolvency & Bankruptcy Code (IA-985/2020) due to the lack of cooperation from the erstwhile directors. Despite inviting Expressions of Interest, the prospective applicants' forms did not meet the eligibility criteria set by the CoC, leading the CoC to direct the RP to file an application for a liquidation order.
The Resolution Professional (RP) filed an application seeking liquidation of One World Travel Solutions Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-12-03, with admitted claims of ₹23,53,55,373. The erstwhile directors did not cooperate, leading to a Section 19(2) application. The CoC directed the RP to file for liquidation on 2020-11-26, as no resolution plan was approved and a one-time settlement failed. The RP, Sandeep Goel, was appointed on 2020-02-17. The corporate debtor did not submit financial statements to the ROC since 2012. The corporate debtor has assets worth ₹1,38,16,322, including vehicles worth ₹10,08,721, whose whereabouts are unknown. A one-time settlement proposal was considered but not finalized. The CoC was informed
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Corporate Insolvency…
Mr. Sandeep Goel was…
The Resolution Professional (RP) filed an application seeking an order for liquidation based on a resolution passed by the Committee of Creditors (CoC) in its 9th meeting held on November 26, 2020. Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on December 3, 2019, with admitted claims aggregating to ₹23,53,55,373. The RP filed an application under Section 19(2) of the Insolvency & Bankruptcy Code (IA-985/2020) due to the lack of cooperation from the erstwhile directors. Despite inviting Expressions of Interest, the prospective applicants' forms did not meet the eligibility criteria set by the CoC, leading the CoC to direct the RP to file an application for a liquidation order.
The Resolution Professional (RP) filed an application seeking liquidation of One World Travel Solutions Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2019-12-03, with admitted claims of ₹23,53,55,373. The erstwhile directors did not cooperate, leading to a Section 19(2) application. The CoC directed the RP to file for liquidation on 2020-11-26, as no resolution plan was approved and a one-time settlement failed. The RP, Sandeep Goel, was appointed on 2020-02-17. The corporate debtor did not submit financial statements to the ROC since 2012. The corporate debtor has assets worth ₹1,38,16,322, including vehicles worth ₹10,08,721, whose whereabouts are unknown. A one-time settlement proposal was considered but not finalized. The CoC was informed
…Corporate Insolvency…
Mr. Sandeep Goel was…