The case involves applications IA/329(KB)2021 and IA/309(KB)2021 filed in CP(IB)/371(KB)2019 under Section 60(5) and Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed IA/329(KB)2021 seeking exclusion of 317 days from the CIRP period due to the COVID-19 lockdown and the Committee of Creditors' (CoC) decision to liquidate the Corporate Debtor. IA/309(KB)2021 was filed by the RP under Section 33 of the IBC, seeking liquidation of the Corporate Debtor due to the absence of a resolution plan.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RAA International Limited. The Corporate Debtor was admitted into CIRP on 2019-11-08. A public announcement was made on 2019-11-25 in 'Financial Express' and 'Ekdin'. The Committee of Creditors (CoC) was formed, including Union Bank of India and Punjab National Bank. The suspended Board of Directors of the Corporate Debtor failed to provide necessary books of account or documents. The CoC decided to liquidate the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016, due to the bleak possibility of resolution. The CoC preferred not to vote on the resolution for liquidation. The RP filed an application seeking exclusion of 317 days from the CIRP period due to the
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Corporate Debtor, RAA…
Public announcement was…
The case involves applications IA/329(KB)2021 and IA/309(KB)2021 filed in CP(IB)/371(KB)2019 under Section 60(5) and Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) filed IA/329(KB)2021 seeking exclusion of 317 days from the CIRP period due to the COVID-19 lockdown and the Committee of Creditors' (CoC) decision to liquidate the Corporate Debtor. IA/309(KB)2021 was filed by the RP under Section 33 of the IBC, seeking liquidation of the Corporate Debtor due to the absence of a resolution plan.
Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against RAA International Limited. The Corporate Debtor was admitted into CIRP on 2019-11-08. A public announcement was made on 2019-11-25 in 'Financial Express' and 'Ekdin'. The Committee of Creditors (CoC) was formed, including Union Bank of India and Punjab National Bank. The suspended Board of Directors of the Corporate Debtor failed to provide necessary books of account or documents. The CoC decided to liquidate the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016, due to the bleak possibility of resolution. The CoC preferred not to vote on the resolution for liquidation. The RP filed an application seeking exclusion of 317 days from the CIRP period due to the
…Corporate Debtor, RAA…
Public announcement was…