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 matter was pending due to reasons attributed to a member of the Committee of Creditors (CoC), Punjab National Bank. The CIRP was to expire on 2019-07-14.
The case involves the insolvency resolution of ORG Informatics Ltd. The CIRP was initiated, and an IRP/RP was appointed. The CIRP period was to expire on 2019-07-14. The Committee of Creditors (CoC) comprised six financial creditors: Punjab National Bank, Edelweiss ARC, Bank of Baroda, Barclays Bank, Standard Chartered Bank, and Bank of India. Five out of the six members of the CoC voted for liquidation, representing 80.61% of the voting share. Edelweiss ARC abstained from voting but did not object to the liquidation. The CoC passed a resolution for liquidation on 2019-06-12. Punjab National Bank submitted that they had no dispute with regards to the liquidation. The IRP/RP filed an application for liquidation under Section 33(1), 33(2) & 34(1) of the Insolvency
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The Adjudicating…
The CIRP was t…
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 matter was pending due to reasons attributed to a member of the Committee of Creditors (CoC), Punjab National Bank. The CIRP was to expire on 2019-07-14.
The case involves the insolvency resolution of ORG Informatics Ltd. The CIRP was initiated, and an IRP/RP was appointed. The CIRP period was to expire on 2019-07-14. The Committee of Creditors (CoC) comprised six financial creditors: Punjab National Bank, Edelweiss ARC, Bank of Baroda, Barclays Bank, Standard Chartered Bank, and Bank of India. Five out of the six members of the CoC voted for liquidation, representing 80.61% of the voting share. Edelweiss ARC abstained from voting but did not object to the liquidation. The CoC passed a resolution for liquidation on 2019-06-12. Punjab National Bank submitted that they had no dispute with regards to the liquidation. The IRP/RP filed an application for liquidation under Section 33(1), 33(2) & 34(1) of the Insolvency
…The Adjudicating…
The CIRP was t…