The case pertains to IA 610 of 2019 in C.P.(I.B) No. 120/NCLT/AHM/2017 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application was filed under Section 33(1), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, ORG Informatics Ltd. The CIRP period was to expire on 14.07.2019. The matter was pending due to reasons attributed to a member of the Committee of Creditors (CoC), Punjab National Bank. The CoC passed a resolution for liquidation on 12.06.2019.
The Interim Resolution Professional (IRP) filed an application for liquidation of ORG Informatics Ltd. under Section 33(1), 33(2) & 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was nearing its expiry on 14.07.2019. The Committee of Creditors (CoC), consisting of six financial creditors (Punjab National Bank, Edelweiss ARC, Bank of Baroda, Barclays Bank, Standard Chartered Bank and Bank of India), had voted in favor of liquidation, with five members representing 80.61% voting share supporting the decision. Edelweiss ARC, holding 19.39% voting share, abstained from voting but did not object to the liquidation. The CoC passed a resolution for liquidation on 12.06.2019. Punjab National Bank submitted that
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The Committee of Creditors (CoC) passed a…
The Corporate Insolvency Resolution Process…
The case pertains to IA 610 of 2019 in C.P.(I.B) No. 120/NCLT/AHM/2017 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The application was filed under Section 33(1), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, ORG Informatics Ltd. The CIRP period was to expire on 14.07.2019. The matter was pending due to reasons attributed to a member of the Committee of Creditors (CoC), Punjab National Bank. The CoC passed a resolution for liquidation on 12.06.2019.
The Interim Resolution Professional (IRP) filed an application for liquidation of ORG Informatics Ltd. under Section 33(1), 33(2) & 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was nearing its expiry on 14.07.2019. The Committee of Creditors (CoC), consisting of six financial creditors (Punjab National Bank, Edelweiss ARC, Bank of Baroda, Barclays Bank, Standard Chartered Bank and Bank of India), had voted in favor of liquidation, with five members representing 80.61% voting share supporting the decision. Edelweiss ARC, holding 19.39% voting share, abstained from voting but did not object to the liquidation. The CoC passed a resolution for liquidation on 12.06.2019. Punjab National Bank submitted that
…The Committee of Creditors (CoC) passed a…
The Corporate Insolvency Resolution Process…