The case pertains to IA 677/2019 filed in C.P.(IB)-312(MB)/2018, an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, European Projects & Aviation Ltd. The Corporate Debtor was undergoing CIRP initiated on 12.09.2018. The Committee of Creditors (CoC) was formed on 26.10.2018, comprising operational creditors due to the absence of financial creditors. The CoC initially considered the Corporate Debtor as not a going concern and recommended liquidation, but later decided to wait for a valuation report and forensic audit based on the Resolution Professional's suggestion. Subsequently, the CoC unanimously resolved to recommend liquidation, considering the Corporate Debtor's business in the Telecom
…European Projects & Aviation Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2018-09-12. The Committee of Creditors (CoC) was constituted on 2018-10-26, comprising four Operational Creditors because there were no Financial Creditors. In the first CoC meeting on 2018-11-02, Ms. Subha Pal was appointed as the Resolution Professional (RP). On the same day, the CoC initially decided to recommend liquidation, considering the Corporate Debtor was not a going concern. However, on the RP's suggestion, the CoC decided to wait for a valuation report and forensic audit. In a subsequent meeting on 2019-01-08, the CoC considered that the Corporate Debtor, operating in the Telecom sector, could not continue its business, and there was no scope for
…Sign in to view the parties.
CIRP was ini…
The Committ…
The case pertains to IA 677/2019 filed in C.P.(IB)-312(MB)/2018, an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, European Projects & Aviation Ltd. The Corporate Debtor was undergoing CIRP initiated on 12.09.2018. The Committee of Creditors (CoC) was formed on 26.10.2018, comprising operational creditors due to the absence of financial creditors. The CoC initially considered the Corporate Debtor as not a going concern and recommended liquidation, but later decided to wait for a valuation report and forensic audit based on the Resolution Professional's suggestion. Subsequently, the CoC unanimously resolved to recommend liquidation, considering the Corporate Debtor's business in the Telecom
…European Projects & Aviation Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) initiated on 2018-09-12. The Committee of Creditors (CoC) was constituted on 2018-10-26, comprising four Operational Creditors because there were no Financial Creditors. In the first CoC meeting on 2018-11-02, Ms. Subha Pal was appointed as the Resolution Professional (RP). On the same day, the CoC initially decided to recommend liquidation, considering the Corporate Debtor was not a going concern. However, on the RP's suggestion, the CoC decided to wait for a valuation report and forensic audit. In a subsequent meeting on 2019-01-08, the CoC considered that the Corporate Debtor, operating in the Telecom sector, could not continue its business, and there was no scope for
…CIRP was ini…
The Committ…