The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking direction for the Liquidation Process of the Corporate Debtor, Seam Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated December 28, 2018. The Committee of Creditors (CoC) appointed Ms. Subrata Monindranath Maity as the Resolution Professional, which was confirmed by the Tribunal. The CoC instructed the Applicant to seek an extension of the CIRP period, which was granted until July 9, 2019, extending the period from 180 to 270 days. An application was filed seeking exclusion of time from the CIRP period, and the Tribunal excluded 60 days, extending the completion time to November 14, 2019. During the CIRP, one
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Seam Industries Limited, the Corporate Debtor, following an order dated December 28, 2018. Ms. Subrata Monindranath Maity was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) extended the CIRP period to 270 days. During the CIRP, one Resolution Plan was received but not approved by the CoC. The CIRP period lapsed on November 14, 2019, without an approved resolution plan. The CoC then directed the RP to file an application for the liquidation of the Corporate Debtor. Mr. Rahul Kavathekar provided written consent to act as the Liquidator. The RP filed an application seeking an order for the liquidation of the Corporate Debtor, stating that liquidation would be
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The Tribunal admitted the Application for…
The CoC passed a resolution instructing the…
The case involves an application under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking direction for the Liquidation Process of the Corporate Debtor, Seam Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an order dated December 28, 2018. The Committee of Creditors (CoC) appointed Ms. Subrata Monindranath Maity as the Resolution Professional, which was confirmed by the Tribunal. The CoC instructed the Applicant to seek an extension of the CIRP period, which was granted until July 9, 2019, extending the period from 180 to 270 days. An application was filed seeking exclusion of time from the CIRP period, and the Tribunal excluded 60 days, extending the completion time to November 14, 2019. During the CIRP, one
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Seam Industries Limited, the Corporate Debtor, following an order dated December 28, 2018. Ms. Subrata Monindranath Maity was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) extended the CIRP period to 270 days. During the CIRP, one Resolution Plan was received but not approved by the CoC. The CIRP period lapsed on November 14, 2019, without an approved resolution plan. The CoC then directed the RP to file an application for the liquidation of the Corporate Debtor. Mr. Rahul Kavathekar provided written consent to act as the Liquidator. The RP filed an application seeking an order for the liquidation of the Corporate Debtor, stating that liquidation would be
…The Tribunal admitted the Application for…
The CoC passed a resolution instructing the…