The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Shree Gajapati Paints Private Limited, the Corporate Debtor, due to the absence of a viable Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Arvind Industrials, an Operational Creditor. The CIRP commenced on October 25, 2019, and concluded on January 26, 2021, after accounting for exclusions due to lockdown periods and extensions. The Committee of Creditors (CoC) resolved to initiate liquidation, and the RP sought the Adjudicating Authority's approval for the same.
Arvind Industrials, an Operational Creditor, filed a petition against Shree Gajapati Paints Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on October 25, 2019, and appointed an Interim Resolution Professional (IRP). Mr. Rasik Singhania was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on November 28, 2019. The RP published Form-G thrice to invite Expression of Interest for a Resolution Plan, but no plan was received. The CIRP period was extended, considering the lockdown period from March 25, 2020, to September 30, 2020, and a one-time extension of 90 days. The CoC, in its 8th meeting on January 6,
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Corporate Insolvency Resolution Process (CIRP)…
Mr. Rasik Singhania appointed as the…
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The case involves an application filed by the Resolution Professional (RP) seeking liquidation of Shree Gajapati Paints Private Limited, the Corporate Debtor, due to the absence of a viable Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Arvind Industrials, an Operational Creditor. The CIRP commenced on October 25, 2019, and concluded on January 26, 2021, after accounting for exclusions due to lockdown periods and extensions. The Committee of Creditors (CoC) resolved to initiate liquidation, and the RP sought the Adjudicating Authority's approval for the same.
Arvind Industrials, an Operational Creditor, filed a petition against Shree Gajapati Paints Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) on October 25, 2019, and appointed an Interim Resolution Professional (IRP). Mr. Rasik Singhania was appointed as the Resolution Professional (RP) by the Committee of Creditors (CoC) on November 28, 2019. The RP published Form-G thrice to invite Expression of Interest for a Resolution Plan, but no plan was received. The CIRP period was extended, considering the lockdown period from March 25, 2020, to September 30, 2020, and a one-time extension of 90 days. The CoC, in its 8th meeting on January 6,
…Corporate Insolvency Resolution Process (CIRP)…
Mr. Rasik Singhania appointed as the…
Sign in to view related legal provisions.