The case involves an application (IA No. 350 of 2020) filed by the Resolution Professional (RP) of Shree Santosh Cotton Spin Private Limited in Company Petition (IB) No. 564 of 2019, seeking liquidation of the Corporate Debtor under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016 (IB Code). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by an Operational Creditor, Mr. Unisbhai Valibhai Lingadiya, under Section 9 of the IB Code. The CIRP was admitted on 2019-10-10, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP).
Mr. Unisbhai Valibhai Lingadiya, an Operational Creditor, filed CP (IB) No. 564 of 2019 against Shree Santosh Cotton Spin Private Limited under Section 9 of the IB Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was admitted on 2019-10-10, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) decided in its first meeting on 2019-11-13 to continue with the IRP as RP. In the fourth CoC meeting held on 2020-06-15, the CoC unanimously decided to liquidate the Corporate Debtor due to the absence of any resolution plan or ongoing business. The RP then filed IA No. 350 of 2020 seeking liquidation under Section 33(1), 33(2), and 34(1) of the IB
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Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…
The case involves an application (IA No. 350 of 2020) filed by the Resolution Professional (RP) of Shree Santosh Cotton Spin Private Limited in Company Petition (IB) No. 564 of 2019, seeking liquidation of the Corporate Debtor under Section 33(1), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016 (IB Code). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by an Operational Creditor, Mr. Unisbhai Valibhai Lingadiya, under Section 9 of the IB Code. The CIRP was admitted on 2019-10-10, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP).
Mr. Unisbhai Valibhai Lingadiya, an Operational Creditor, filed CP (IB) No. 564 of 2019 against Shree Santosh Cotton Spin Private Limited under Section 9 of the IB Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was admitted on 2019-10-10, and Mr. Bhupendra Singh Narayan Singh Rajput was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) decided in its first meeting on 2019-11-13 to continue with the IRP as RP. In the fourth CoC meeting held on 2020-06-15, the CoC unanimously decided to liquidate the Corporate Debtor due to the absence of any resolution plan or ongoing business. The RP then filed IA No. 350 of 2020 seeking liquidation under Section 33(1), 33(2), and 34(1) of the IB
…Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…