The case involves an application (C.A. 407) filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Shree Balaji Printpack Pvt. Limited. The operational creditor, Usaka Electrotech Pvt. Ltd, had initially filed a petition (IB 391(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2018-06-13. The Committee of Creditors (COC) voted in favor of liquidation with 74.98% majority in its 3rd meeting held on 2018-11-20, as no resolution plan was approved.
Usaka Electrotech Pvt. Ltd., an operational creditor, filed a petition (IB 391(ND)/2018) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Shree Balaji Printpack Pvt. Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 2018-06-13. Ms. Mitali Shah was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Devinder Arora. The Committee of Creditors (COC) was formed, and in its 3rd meeting held on 2018-11-20, 74.98% of the members voted in favor of liquidation. No resolution plan was approved within the statutory CIRP period. The Resolution Professional filed C.A. 407 seeking directions for liquidation. Two valuers, Adroit Technical
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The application filed by Usaka Electrotech…
In the first meeting of the Committee of…
The case involves an application (C.A. 407) filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, Shree Balaji Printpack Pvt. Limited. The operational creditor, Usaka Electrotech Pvt. Ltd, had initially filed a petition (IB 391(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 2018-06-13. The Committee of Creditors (COC) voted in favor of liquidation with 74.98% majority in its 3rd meeting held on 2018-11-20, as no resolution plan was approved.
Usaka Electrotech Pvt. Ltd., an operational creditor, filed a petition (IB 391(ND)/2018) under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Shree Balaji Printpack Pvt. Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 2018-06-13. Ms. Mitali Shah was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Devinder Arora. The Committee of Creditors (COC) was formed, and in its 3rd meeting held on 2018-11-20, 74.98% of the members voted in favor of liquidation. No resolution plan was approved within the statutory CIRP period. The Resolution Professional filed C.A. 407 seeking directions for liquidation. Two valuers, Adroit Technical
…The application filed by Usaka Electrotech…
In the first meeting of the Committee of…