The case pertains to an application filed under Section 33(1) and 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order for Radius Infratel Private Limited. The Committee of Creditors (CoC), consisting solely of Union Bank of India, resolved to liquidate the corporate debtor after a resolution plan was found unsatisfactory. The CoC's decision was made during its tenth meeting held on May 3, 2019. The Resolution Professional (RP) was directed to file an application before the National Company Law Tribunal (NCLT) for the liquidation of the corporate debtor.
Union Bank of India initiated corporate insolvency resolution process (CIRP) against Radius Infratel Private Limited. The application under Section 33(1) and 33(2) of the IBC, 2016 was filed. The CIRP was admitted on July 23, 2018. The applicant was appointed as Interim Resolution Professional (IRP) and invited claims from the creditors, constituting a Committee of Creditors (CoC) consisting only of Union Bank of India. The IRP was later appointed as Resolution Professional (RP). During the CIRP, various options, including a One Time Settlement, were explored but rejected by Union Bank of India. An invitation for Expression of Interest (EoI) was issued, and only one resolution plan was received, which was deemed unsatisfactory by the CoC. The RP issued a second
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The Corporate…
The Applicant was…
The case pertains to an application filed under Section 33(1) and 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order for Radius Infratel Private Limited. The Committee of Creditors (CoC), consisting solely of Union Bank of India, resolved to liquidate the corporate debtor after a resolution plan was found unsatisfactory. The CoC's decision was made during its tenth meeting held on May 3, 2019. The Resolution Professional (RP) was directed to file an application before the National Company Law Tribunal (NCLT) for the liquidation of the corporate debtor.
Union Bank of India initiated corporate insolvency resolution process (CIRP) against Radius Infratel Private Limited. The application under Section 33(1) and 33(2) of the IBC, 2016 was filed. The CIRP was admitted on July 23, 2018. The applicant was appointed as Interim Resolution Professional (IRP) and invited claims from the creditors, constituting a Committee of Creditors (CoC) consisting only of Union Bank of India. The IRP was later appointed as Resolution Professional (RP). During the CIRP, various options, including a One Time Settlement, were explored but rejected by Union Bank of India. An invitation for Expression of Interest (EoI) was issued, and only one resolution plan was received, which was deemed unsatisfactory by the CoC. The RP issued a second
…The Corporate…
The Applicant was…