The case involves an application (IA No. 306/JPR/2020) filed by the Resolution Professional (RP) of M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of liquidation proceedings. The Adjudicating Authority had previously admitted an application filed by United Bank of India under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Kamal Kumar Jain as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), and Mr. Kamal Kumar Jain was later appointed as the Resolution Professional (RP). Despite several attempts to find a resolution plan, none were received or
…United Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28.08.2019. Kamal Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP constituted the Committee of Creditors (CoC). The RP published Form G multiple times, inviting Expression of Interest (EOI) for resolution plans. Despite these efforts, no resolution plan was received or accepted. The CoC, in its 11th meeting on 15.09.2020, resolved to liquidate the Corporate Debtor with 100% vote share. The RP filed an application (IA No. 306/JPR/2020) under Section 33 and 34 of the IBC
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The Adjudicating Authority admitted the…
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The case involves an application (IA No. 306/JPR/2020) filed by the Resolution Professional (RP) of M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 33 and 34 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of liquidation proceedings. The Adjudicating Authority had previously admitted an application filed by United Bank of India under Section 7 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Kamal Kumar Jain as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), and Mr. Kamal Kumar Jain was later appointed as the Resolution Professional (RP). Despite several attempts to find a resolution plan, none were received or
…United Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s Prithvi Multipurpose Cold Storage Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28.08.2019. Kamal Kumar Jain was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP constituted the Committee of Creditors (CoC). The RP published Form G multiple times, inviting Expression of Interest (EOI) for resolution plans. Despite these efforts, no resolution plan was received or accepted. The CoC, in its 11th meeting on 15.09.2020, resolved to liquidate the Corporate Debtor with 100% vote share. The RP filed an application (IA No. 306/JPR/2020) under Section 33 and 34 of the IBC
…The Adjudicating Authority admitted the…
The first mee…