The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Swastic Aqua Limited. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, International Asset Reconstruction Company Private Limited. The Adjudicating Authority (AA) admitted the application on 09.12.2019. Subsequently, an Interim Resolution Professional (IRP) was appointed, who then carried out a public announcement of the CIRP initiation. A Committee of Creditors (CoC) was constituted with the Financial Creditor as the sole member. The CoC appointed the Applicant as the Resolution Professional (RP) for the Corporate Debtor (CD).
International Asset Reconstruction Company Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Swastic Aqua Limited. The Adjudicating Authority admitted the application on 09.12.2019. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC) with the Financial Creditor as the sole member. The CoC appointed a Resolution Professional (RP). The RP invited Expression of Interest (EOI), and five EOIs were received. Due to the Covid-19 pandemic, the government announced a nationwide lockdown, leading to the insertion of Regulation 40C, extending the CIRP timeline. The CoC approved an evaluation matrix and finalized Potential Resolution Applicants (PRA). The RP received resolution plans
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Adjudicating Authority admitted the application…
The Applicant carried…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Swastic Aqua Limited. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, International Asset Reconstruction Company Private Limited. The Adjudicating Authority (AA) admitted the application on 09.12.2019. Subsequently, an Interim Resolution Professional (IRP) was appointed, who then carried out a public announcement of the CIRP initiation. A Committee of Creditors (CoC) was constituted with the Financial Creditor as the sole member. The CoC appointed the Applicant as the Resolution Professional (RP) for the Corporate Debtor (CD).
International Asset Reconstruction Company Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Swastic Aqua Limited. The Adjudicating Authority admitted the application on 09.12.2019. An Interim Resolution Professional (IRP) was appointed, followed by the constitution of a Committee of Creditors (CoC) with the Financial Creditor as the sole member. The CoC appointed a Resolution Professional (RP). The RP invited Expression of Interest (EOI), and five EOIs were received. Due to the Covid-19 pandemic, the government announced a nationwide lockdown, leading to the insertion of Regulation 40C, extending the CIRP timeline. The CoC approved an evaluation matrix and finalized Potential Resolution Applicants (PRA). The RP received resolution plans
…Adjudicating Authority admitted the application…
The Applicant carried…