The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Otto Projects Private Limited, due to the absence of a viable Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Calcutta Trading Centre, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority directed the initiation of CIRP and appointed an Interim Resolution Professional (IRP).
Otto Projects Private Limited faced Corporate Insolvency Resolution Process (CIRP) following a petition by Calcutta Trading Centre, an Operational Creditor. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed, consisting solely of Operational Creditors. The Corporate Debtor lacked liquid assets and the CoC was unwilling to infuse funds. Efforts to find a resolution plan failed, with no viable Expression of Interest (EoI) received. The CoC, with 99.07% voting share, decided to liquidate the Corporate Debtor. The Resolution Professional filed an application for liquidation, leading to the Adjudicating Authority ordering liquidation and appointing a Liquidator. The lack of liquid funds and the absence of a resolution plan
…Sign in to view the parties.
The Adjudicating Authority ordered the…
Creditors were invited…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Otto Projects Private Limited, due to the absence of a viable Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Calcutta Trading Centre, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority directed the initiation of CIRP and appointed an Interim Resolution Professional (IRP).
Otto Projects Private Limited faced Corporate Insolvency Resolution Process (CIRP) following a petition by Calcutta Trading Centre, an Operational Creditor. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed, consisting solely of Operational Creditors. The Corporate Debtor lacked liquid assets and the CoC was unwilling to infuse funds. Efforts to find a resolution plan failed, with no viable Expression of Interest (EoI) received. The CoC, with 99.07% voting share, decided to liquidate the Corporate Debtor. The Resolution Professional filed an application for liquidation, leading to the Adjudicating Authority ordering liquidation and appointing a Liquidator. The lack of liquid funds and the absence of a resolution plan
…The Adjudicating Authority ordered the…
Creditors were invited…