The case involves an application filed by the Resolution Professional (RP) of RDH Technologies Private Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Oriental Bank of Commerce under section 7 of the Insolvency and Bankruptcy Code, 2016. Despite multiple attempts to solicit resolution plans, including the republication of Form 'G' twice, no viable resolution plan was received. The initial CIRP period was extended, but ultimately, no resolution plan materialized. The Committee of Creditors (CoC) discussed the liquidation agenda but did not pass a resolution to liquidate the Corporate Debtor.
Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against RDH Technologies Private Limited. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The members of the suspended Board of Directors initially appealed against the initiation of CIRP, resulting in a temporary stay on the formation of the Committee of Creditors (CoC). The stay was later modified, allowing the formation of the CoC. Ten CoC meetings were held during the CIRP period. The IRP was confirmed as the RP in the first CoC meeting. Two Registered Valuers were appointed to determine the fair and liquidation value of the Corporate
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The case involves an application filed by the Resolution Professional (RP) of RDH Technologies Private Limited, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Oriental Bank of Commerce under section 7 of the Insolvency and Bankruptcy Code, 2016. Despite multiple attempts to solicit resolution plans, including the republication of Form 'G' twice, no viable resolution plan was received. The initial CIRP period was extended, but ultimately, no resolution plan materialized. The Committee of Creditors (CoC) discussed the liquidation agenda but did not pass a resolution to liquidate the Corporate Debtor.
Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against RDH Technologies Private Limited. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The members of the suspended Board of Directors initially appealed against the initiation of CIRP, resulting in a temporary stay on the formation of the Committee of Creditors (CoC). The stay was later modified, allowing the formation of the CoC. Ten CoC meetings were held during the CIRP period. The IRP was confirmed as the RP in the first CoC meeting. Two Registered Valuers were appointed to determine the fair and liquidation value of the Corporate
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