The case involves an application filed by the Resolution Professional (RP) seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Ruby Cables Ltd. (Corporate Debtor) under section 10 of the IBC, with the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved for closure of the process in its seventh meeting held on 19.01.2017 and instructed the RP to move an application for initiation of liquidation. The period of 180 days for arriving at a resolution plan has also expired.
M/s. Ruby Cables Ltd. (Corporate Debtor) initiated CIRP under section 10 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its seventh meeting on 19.01.2017 resolved to close the CIRP and instructed the Resolution Professional (RP) to apply for liquidation. The 180-day period for arriving at a resolution plan expired on 29.01.2018. The RP then filed an application under section 33(2) of the IBC seeking an order for liquidation. The Adjudicating Authority considered these facts and the provisions of the IBC to decide on the liquidation application.
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The Committee of Creditors (COC) in its…
The period of 180 days…
The case involves an application filed by the Resolution Professional (RP) seeking an order of liquidation under section 33(2) of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Ruby Cables Ltd. (Corporate Debtor) under section 10 of the IBC, with the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (COC) resolved for closure of the process in its seventh meeting held on 19.01.2017 and instructed the RP to move an application for initiation of liquidation. The period of 180 days for arriving at a resolution plan has also expired.
M/s. Ruby Cables Ltd. (Corporate Debtor) initiated CIRP under section 10 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its seventh meeting on 19.01.2017 resolved to close the CIRP and instructed the Resolution Professional (RP) to apply for liquidation. The 180-day period for arriving at a resolution plan expired on 29.01.2018. The RP then filed an application under section 33(2) of the IBC seeking an order for liquidation. The Adjudicating Authority considered these facts and the provisions of the IBC to decide on the liquidation application.
The Committee of Creditors (COC) in its…
The period of 180 days…