The case involves a corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code (IBC). An extension of 90 days was granted, concluding on 15.04.2019, exhausting a total of 270 days. The Committee of Creditors (CoC) convened on 11.04.2019 and resolved to seek an order for liquidation under Section 33 of the Code. Despite the absence of a separate application for liquidation, the resolution annexed with the Progress Report was considered.
The Corporate Debtor, Saba Bahar Iranian Co., was undergoing CIRP. An extension of 90 days was granted, concluding on 15.04.2019, exhausting a total of 270 days. The CoC convened on 11.04.2019 and resolved to seek liquidation under Section 33 of the IBC. The RP expressed unwillingness to continue as RP, but in the absence of an alternative suggestion, the RP was directed to continue as Liquidator. An application was moved by the RP under Section 19 for action against the Ex-Director for non-cooperation. A show cause notice was issued to Mr. Kashinath Jadhav for non-cooperation. The moratorium declared earlier was ceased. The key fact is the CoC's decision to liquidate the Corporate Debtor after exhausting the CIRP period, leading to the court's order for liquidation.
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An extension of…
Moratorium declared vide Order dated…
The case involves a corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code (IBC). An extension of 90 days was granted, concluding on 15.04.2019, exhausting a total of 270 days. The Committee of Creditors (CoC) convened on 11.04.2019 and resolved to seek an order for liquidation under Section 33 of the Code. Despite the absence of a separate application for liquidation, the resolution annexed with the Progress Report was considered.
The Corporate Debtor, Saba Bahar Iranian Co., was undergoing CIRP. An extension of 90 days was granted, concluding on 15.04.2019, exhausting a total of 270 days. The CoC convened on 11.04.2019 and resolved to seek liquidation under Section 33 of the IBC. The RP expressed unwillingness to continue as RP, but in the absence of an alternative suggestion, the RP was directed to continue as Liquidator. An application was moved by the RP under Section 19 for action against the Ex-Director for non-cooperation. A show cause notice was issued to Mr. Kashinath Jadhav for non-cooperation. The moratorium declared earlier was ceased. The key fact is the CoC's decision to liquidate the Corporate Debtor after exhausting the CIRP period, leading to the court's order for liquidation.
An extension of…
Moratorium declared vide Order dated…