The case pertains to an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, STT Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 30.08.2019. The Committee of Creditors (CoC), comprising a sole Financial Creditor, passed a resolution in its 2nd CoC meeting held on 12.11.2019, suggesting the Resolution Professional to file an application for liquidation due to the absence of assets.
The Corporate Insolvency Resolution Process (CIRP) was initiated against STT Limited on 30.08.2019. The Committee of Creditors (CoC) consisted of a sole Financial Creditor. During the CIRP, it was discovered that the Corporate Debtor had no assets. Consequently, the CoC unanimously passed a resolution in its 2nd meeting on 12.11.2019, recommending the Resolution Professional to file an application before the Adjudicating Authority for liquidation. The Resolution Professional, Mr. P. Sriram, filed an application under Section 33(2) of the IBC seeking liquidation. The Adjudicating Authority, after reviewing the application and considering the CoC's resolution, determined that liquidation was appropriate due to the absence of assets.
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The Adjudicating Authority admitted IBA/838/2019…
The Committee of Creditors (CoC) passed a…
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The case pertains to an application filed under section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, STT Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 30.08.2019. The Committee of Creditors (CoC), comprising a sole Financial Creditor, passed a resolution in its 2nd CoC meeting held on 12.11.2019, suggesting the Resolution Professional to file an application for liquidation due to the absence of assets.
The Corporate Insolvency Resolution Process (CIRP) was initiated against STT Limited on 30.08.2019. The Committee of Creditors (CoC) consisted of a sole Financial Creditor. During the CIRP, it was discovered that the Corporate Debtor had no assets. Consequently, the CoC unanimously passed a resolution in its 2nd meeting on 12.11.2019, recommending the Resolution Professional to file an application before the Adjudicating Authority for liquidation. The Resolution Professional, Mr. P. Sriram, filed an application under Section 33(2) of the IBC seeking liquidation. The Adjudicating Authority, after reviewing the application and considering the CoC's resolution, determined that liquidation was appropriate due to the absence of assets.
The Adjudicating Authority admitted IBA/838/2019…
The Committee of Creditors (CoC) passed a…
Sign in to view related legal provisions.