The case involves an application filed by the resolution professional seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India (Financial Creditor) under section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved in its meeting held on 12.12.2017 that no resolution plan was received in respect of the Corporate Debtor, and the Corporate Debtor did not qualify for any resolution application as per criteria fixed by section 29A of the Code.
The State Bank of India, acting as a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Radheshyam Fibres Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) convened on December 12, 2017, and determined that no resolution plan had been received for the Corporate Debtor. Furthermore, the COC found that the Corporate Debtor did not meet the criteria for resolution applications as outlined in Section 29A of the IBC. Consequently, the COC resolved to pursue liquidation. The Resolution Professional then filed an application seeking an order of liquidation under Section 33(2) of the IBC. The Adjudicating Authority considered these
…Sign in to view the parties.
The Committee of Creditors (COC) resolved that…
The Adjudicating Authority ordered the…
Sign in to view related legal provisions.
The case involves an application filed by the resolution professional seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by State Bank of India (Financial Creditor) under section 7 of the Code, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved in its meeting held on 12.12.2017 that no resolution plan was received in respect of the Corporate Debtor, and the Corporate Debtor did not qualify for any resolution application as per criteria fixed by section 29A of the Code.
The State Bank of India, acting as a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Radheshyam Fibres Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) convened on December 12, 2017, and determined that no resolution plan had been received for the Corporate Debtor. Furthermore, the COC found that the Corporate Debtor did not meet the criteria for resolution applications as outlined in Section 29A of the IBC. Consequently, the COC resolved to pursue liquidation. The Resolution Professional then filed an application seeking an order of liquidation under Section 33(2) of the IBC. The Adjudicating Authority considered these
…The Committee of Creditors (COC) resolved that…
The Adjudicating Authority ordered the…
Sign in to view related legal provisions.