The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) 2016, seeking orders for the liquidation of PAN India Utilities Distribution Company Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated by NCLT, Mumbai, vide order dated 20.09.2019, under Section 7 of the Code. The present applicant was appointed as the Interim Resolution Professional (IRP), who then constituted a Committee of Creditors (CoC). The CoC initially explored resolution plans but later decided to pursue liquidation due to the lack of viable assets and potential for resolution.
The Corporate Debtor, PAN India Utilities Distribution Company Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by NCLT, Mumbai, under Section 7 of the IBC. Hemant Mehta was appointed as the Interim Resolution Professional (IRP) and later continued as Resolution Professional (RP). The Committee of Creditors (CoC) consisted of Yes Bank (79.29% vote share) and Jammu & Kashmir Bank Limited (J&K Bank) (20.71% vote share). Two valuers and a transaction auditor were appointed. The RP presented 'Form-G' and Expression of Interest (EoI) to the CoC. Yes Bank expressed that the Corporate Debtor had no valuable assets and proposed liquidation. J&K Bank initially favored extending the CIRP period. The CoC approved the publication of 'Form-G',
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NCLT, Mumbai, admitted the Petition (CP (IB) No.…
The present Applicant…
The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) 2016, seeking orders for the liquidation of PAN India Utilities Distribution Company Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated by NCLT, Mumbai, vide order dated 20.09.2019, under Section 7 of the Code. The present applicant was appointed as the Interim Resolution Professional (IRP), who then constituted a Committee of Creditors (CoC). The CoC initially explored resolution plans but later decided to pursue liquidation due to the lack of viable assets and potential for resolution.
The Corporate Debtor, PAN India Utilities Distribution Company Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by NCLT, Mumbai, under Section 7 of the IBC. Hemant Mehta was appointed as the Interim Resolution Professional (IRP) and later continued as Resolution Professional (RP). The Committee of Creditors (CoC) consisted of Yes Bank (79.29% vote share) and Jammu & Kashmir Bank Limited (J&K Bank) (20.71% vote share). Two valuers and a transaction auditor were appointed. The RP presented 'Form-G' and Expression of Interest (EoI) to the CoC. Yes Bank expressed that the Corporate Debtor had no valuable assets and proposed liquidation. J&K Bank initially favored extending the CIRP period. The CoC approved the publication of 'Form-G',
…NCLT, Mumbai, admitted the Petition (CP (IB) No.…
The present Applicant…