The case involves an application by ICICI Bank Limited, the financial creditor, against Rathna Stores Private Limited, the corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The applicant sought liquidation of the corporate debtor due to the failure to arrive at a resolution plan. The Resolution Professional (RP) was appointed earlier but faced challenges in managing the CIRP due to non-compliance of statutory provisions by the corporate debtor and non-availability of data. The CoC decided to liquidate the CD in their 4th meeting.
ICICI Bank Limited, the financial creditor, filed an application against Rathna Stores Private Limited, the corporate debtor. The corporate debtor had not complied with various statutory provisions, including filing statutory returns under the Companies Act, 2013, since March 31, 2010. The RP faced difficulties in ascertaining the assets and liabilities of the corporate debtor due to the lack of available data. The RP conducted three CoC meetings but no resolution plan was arrived at. The fourth CoC meeting decided to liquidate the corporate debtor. The applicant alleged breaches of the Code and IBBI regulations by the RP, including failure to provide adequate notice for CoC meetings and improper conduct of the CIRP. The RP stated that various tax attachments were made
…Sign in to view the parties.
Tribunal admitted the application and appointed…
The RP conduc…
The case involves an application by ICICI Bank Limited, the financial creditor, against Rathna Stores Private Limited, the corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The applicant sought liquidation of the corporate debtor due to the failure to arrive at a resolution plan. The Resolution Professional (RP) was appointed earlier but faced challenges in managing the CIRP due to non-compliance of statutory provisions by the corporate debtor and non-availability of data. The CoC decided to liquidate the CD in their 4th meeting.
ICICI Bank Limited, the financial creditor, filed an application against Rathna Stores Private Limited, the corporate debtor. The corporate debtor had not complied with various statutory provisions, including filing statutory returns under the Companies Act, 2013, since March 31, 2010. The RP faced difficulties in ascertaining the assets and liabilities of the corporate debtor due to the lack of available data. The RP conducted three CoC meetings but no resolution plan was arrived at. The fourth CoC meeting decided to liquidate the corporate debtor. The applicant alleged breaches of the Code and IBBI regulations by the RP, including failure to provide adequate notice for CoC meetings and improper conduct of the CIRP. The RP stated that various tax attachments were made
…Tribunal admitted the application and appointed…
The RP conduc…