Somnath Textile Pvt Ltd initiated CIRP by filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). An IRP was appointed. The COC, in its seventh meeting on December 27, 2017, concluded that a resolution plan was not viable. Consequently, the COC resolved to proceed with liquidation and to continue with Mr. Premraj Ramratan Laddha as the liquidator. The 180-day period for arriving at a resolution plan had expired. The resolution professional filed an application seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and determined that liquidation was appropriate.

Somnath Textile Pvt Ltd initiated CIRP by filing a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). An IRP was appointed. The COC, in its seventh meeting on December 27, 2017, concluded that a resolution plan was not viable. Consequently, the COC resolved to proceed with liquidation and to continue with Mr. Premraj Ramratan Laddha as the liquidator. The 180-day period for arriving at a resolution plan had expired. The resolution professional filed an application seeking an order of liquidation under section 33(2) of the Code. The Adjudicating Authority considered these facts and determined that liquidation was appropriate.