The case involves a resolution applicant objecting to the Committee of Creditors' (CoC) decision to initiate liquidation instead of considering the applicant's proposal for reconsideration. An application was filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) to initiate the liquidation of the Corporate Debtor. The resolution applicant's proposal was rejected by 88.90% of the voting power of the CoC. The voting took place from January 20, 2019, to January 21, 2019. The CoC also resolved via e-voting to liquidate the assets of the Corporate Debtor.
Asset Reconstruction Company (India) Ltd. filed an application under Section 7 of the IBC, 2016, against M/s Parasarampuria Synthetics Ltd. The resolution applicant objected to the CoC's decision to initiate liquidation instead of considering their proposal. The resolution applicant's proposal was rejected by 88.90% of the CoC's voting power. The voting occurred between January 20, 2019, and January 21, 2019. The CoC also resolved to liquidate the assets of the Corporate Debtor under Section 33(2) of the IBC. The approval for liquidation was granted by 88.92% of the voting power of the CoC. The period of 270 days had expired on February 10, 2019. The Resolution Professional, Mr. Rajesh JhunJhunwala, was named as the Insolvency Liquidator.
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The case involves a resolution applicant objecting to the Committee of Creditors' (CoC) decision to initiate liquidation instead of considering the applicant's proposal for reconsideration. An application was filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) to initiate the liquidation of the Corporate Debtor. The resolution applicant's proposal was rejected by 88.90% of the voting power of the CoC. The voting took place from January 20, 2019, to January 21, 2019. The CoC also resolved via e-voting to liquidate the assets of the Corporate Debtor.
Asset Reconstruction Company (India) Ltd. filed an application under Section 7 of the IBC, 2016, against M/s Parasarampuria Synthetics Ltd. The resolution applicant objected to the CoC's decision to initiate liquidation instead of considering their proposal. The resolution applicant's proposal was rejected by 88.90% of the CoC's voting power. The voting occurred between January 20, 2019, and January 21, 2019. The CoC also resolved to liquidate the assets of the Corporate Debtor under Section 33(2) of the IBC. The approval for liquidation was granted by 88.92% of the voting power of the CoC. The period of 270 days had expired on February 10, 2019. The Resolution Professional, Mr. Rajesh JhunJhunwala, was named as the Insolvency Liquidator.
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