MA 362/2019 was filed under Section 33(2) of the IBC, 2016 to liquidate Polychroic Petrochemicals Pvt Ltd, the Corporate Debtor. The application states that under a prior order of the Tribunal dated 23.10.2018 and upon the decision of the CoC in its meeting dated 2.11.2018, the CoC decided to reject the resolution plan and liquidate the Corporate Debtor. The Resolution Professional highlighted several points regarding the rejection of the resolution plan, including ineligibility under Section 29A of the Code, payment priority to Financial Creditors over Operational Creditors, and a cut-off date for considering creditor claims.
MA 362/2019 was filed to liquidate Polychroic Petrochemicals Pvt Ltd under Section 33(2) of the IBC, 2016. The CoC rejected the resolution plan in its meeting on 2.11.2018, based on concerns raised by the Resolution Professional. These concerns included the resolution applicant's ineligibility under Section 29A of the IBC, unfair payment priority to financial creditors, and a problematic cut-off date for creditor claims. The Resolution Professional also noted inconsistencies with IBBI regulations. The CoC unanimously decided to liquidate the Corporate Debtor. The applicant contended that MA bearing No.505/2018 was filed before this Bench for the liquidation of the Company under Section 33(2) of the IBC, 2016 on 9.5.2018. After hearing the application along with MA
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Moratorium declared…
Order of the Tribunal…
MA 362/2019 was filed under Section 33(2) of the IBC, 2016 to liquidate Polychroic Petrochemicals Pvt Ltd, the Corporate Debtor. The application states that under a prior order of the Tribunal dated 23.10.2018 and upon the decision of the CoC in its meeting dated 2.11.2018, the CoC decided to reject the resolution plan and liquidate the Corporate Debtor. The Resolution Professional highlighted several points regarding the rejection of the resolution plan, including ineligibility under Section 29A of the Code, payment priority to Financial Creditors over Operational Creditors, and a cut-off date for considering creditor claims.
MA 362/2019 was filed to liquidate Polychroic Petrochemicals Pvt Ltd under Section 33(2) of the IBC, 2016. The CoC rejected the resolution plan in its meeting on 2.11.2018, based on concerns raised by the Resolution Professional. These concerns included the resolution applicant's ineligibility under Section 29A of the IBC, unfair payment priority to financial creditors, and a problematic cut-off date for creditor claims. The Resolution Professional also noted inconsistencies with IBBI regulations. The CoC unanimously decided to liquidate the Corporate Debtor. The applicant contended that MA bearing No.505/2018 was filed before this Bench for the liquidation of the Company under Section 33(2) of the IBC, 2016 on 9.5.2018. After hearing the application along with MA
…Moratorium declared…
Order of the Tribunal…