The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC) for the liquidation of the Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd. The Suspended Management appeared after notice, and one week was granted for filing a reply, but no reply was filed. The Committee of Creditors (CoC) consists of only one Operational Creditor, who passed a resolution for liquidation with 100% voting. The Corporate Debtor has had no revenues since incorporation, no commercial operations, and no assets, making revival impossible. The CoC meeting minutes reflect this situation.
The Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd, is undergoing Corporate Insolvency Resolution Process (CIRP). The application for liquidation was filed under Section 33 of the IBC. The Suspended Management was given time to reply, but failed to do so. The Committee of Creditors (CoC) consists of only one Operational Creditor. The Corporate Debtor has not generated any revenue since its incorporation and has not conducted any commercial operations. The Corporate Debtor possesses no assets. The CoC voted with 100% majority for the liquidation of the Corporate Debtor. The court considered the commercial wisdom of the CoC, referencing a Supreme Court judgment in the Essar Steel India Limited case. The court also noted that the
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Suspended Man…
8th meeting of COC…
The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC) for the liquidation of the Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd. The Suspended Management appeared after notice, and one week was granted for filing a reply, but no reply was filed. The Committee of Creditors (CoC) consists of only one Operational Creditor, who passed a resolution for liquidation with 100% voting. The Corporate Debtor has had no revenues since incorporation, no commercial operations, and no assets, making revival impossible. The CoC meeting minutes reflect this situation.
The Corporate Debtor, Omkar Maloo RP For Steps Dumask Waste Processing Services Pvt Ltd, is undergoing Corporate Insolvency Resolution Process (CIRP). The application for liquidation was filed under Section 33 of the IBC. The Suspended Management was given time to reply, but failed to do so. The Committee of Creditors (CoC) consists of only one Operational Creditor. The Corporate Debtor has not generated any revenue since its incorporation and has not conducted any commercial operations. The Corporate Debtor possesses no assets. The CoC voted with 100% majority for the liquidation of the Corporate Debtor. The court considered the commercial wisdom of the CoC, referencing a Supreme Court judgment in the Essar Steel India Limited case. The court also noted that the
…Suspended Man…
8th meeting of COC…