The case involves an application filed by the Resolution Applicant under Section 33(2) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Reliable Insupacks Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on March 26, 2019, and the Applicant was confirmed as the Resolution Professional (RP) on May 20, 2019. The advertisement for calling for Expression of Interests (EOIs) was made on July 9, 2019. The RP received EOIs from two parties, one being Mr. Madan Mohan Roy, an erstwhile Director of the Corporate Debtor, and the other from CNX Corporation Limited. The Resolution Plan submitted by CNX Corporation Limited was rejected in the 5th meeting of the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Reliable Insupacks Private Limited on March 26, 2019. Sumit Bansal was confirmed as the Resolution Professional (RP) on May 20, 2019. An advertisement was made on July 9, 2019, to call for Expression of Interests (EOIs). The RP received EOIs from two parties: Madan Mohan Roy, an ex-director of the Corporate Debtor, and CNX Corporation Limited. Madan Mohan Roy was deemed ineligible under Section 29A(g) of the I&B Code, 2016. The resolution plan submitted by CNX Corporation Limited was rejected in the 5th meeting of the Committee of Creditors (CoC) with 100% voting share. In the 5th CoC meeting held on September 26, 2019, it was decided to liquidate the Corporate Debtor. No resolution plan was
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The Corporate Insolvency Resolution Process…
Sumit Bansal was…
The case involves an application filed by the Resolution Applicant under Section 33(2) of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Reliable Insupacks Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on March 26, 2019, and the Applicant was confirmed as the Resolution Professional (RP) on May 20, 2019. The advertisement for calling for Expression of Interests (EOIs) was made on July 9, 2019. The RP received EOIs from two parties, one being Mr. Madan Mohan Roy, an erstwhile Director of the Corporate Debtor, and the other from CNX Corporation Limited. The Resolution Plan submitted by CNX Corporation Limited was rejected in the 5th meeting of the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Reliable Insupacks Private Limited on March 26, 2019. Sumit Bansal was confirmed as the Resolution Professional (RP) on May 20, 2019. An advertisement was made on July 9, 2019, to call for Expression of Interests (EOIs). The RP received EOIs from two parties: Madan Mohan Roy, an ex-director of the Corporate Debtor, and CNX Corporation Limited. Madan Mohan Roy was deemed ineligible under Section 29A(g) of the I&B Code, 2016. The resolution plan submitted by CNX Corporation Limited was rejected in the 5th meeting of the Committee of Creditors (CoC) with 100% voting share. In the 5th CoC meeting held on September 26, 2019, it was decided to liquidate the Corporate Debtor. No resolution plan was
…The Corporate Insolvency Resolution Process…
Sumit Bansal was…