The case involves an application (IA 27 of 2018) filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Sunrise Polyfilms Pvt Ltd. The application was filed after the Committee of Creditors (COC) decided to liquidate the company without completing the resolution process. The promoter of the Corporate Debtor filed objections, claiming the company could be revived. An intervention application (IA No. 5 of 2018) was also filed by an intervener who claimed to have a professional relationship with the corporate debtor and offered a resolution plan.
Sunrise Polyfilms Pvt Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Punjab National Bank, the Financial Creditor, initiated the process under Section 7 of the IB Code, which was admitted on 2017-09-12. The Committee of Creditors (COC) was formed, and the first meeting was held on 2017-10-12. The Resolution Professional (RP) was appointed and confirmed on 2017-10-17. The COC decided to liquidate the company in its second meeting on 2017-11-02 without completing the resolution process. The RP filed IA 27 of 2018 seeking liquidation. The promoter of Sunrise Polyfilms objected, claiming the company could be revived. An intervener, claiming a professional relationship with Sunrise Polyfilms, filed IA No. 5 of 2018, offering a resolution plan. The
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The case involves an application (IA 27 of 2018) filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Sunrise Polyfilms Pvt Ltd. The application was filed after the Committee of Creditors (COC) decided to liquidate the company without completing the resolution process. The promoter of the Corporate Debtor filed objections, claiming the company could be revived. An intervention application (IA No. 5 of 2018) was also filed by an intervener who claimed to have a professional relationship with the corporate debtor and offered a resolution plan.
Sunrise Polyfilms Pvt Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Punjab National Bank, the Financial Creditor, initiated the process under Section 7 of the IB Code, which was admitted on 2017-09-12. The Committee of Creditors (COC) was formed, and the first meeting was held on 2017-10-12. The Resolution Professional (RP) was appointed and confirmed on 2017-10-17. The COC decided to liquidate the company in its second meeting on 2017-11-02 without completing the resolution process. The RP filed IA 27 of 2018 seeking liquidation. The promoter of Sunrise Polyfilms objected, claiming the company could be revived. An intervener, claiming a professional relationship with Sunrise Polyfilms, filed IA No. 5 of 2018, offering a resolution plan. The
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