The application was filed for passing an order for the liquidation of Tara Chand Rice Mills Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Brij Lal Ashok Kumar, an operational creditor. The petition was admitted, and a moratorium was declared. Sameer Rastogi was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (COC) was constituted and modified as claims from other financial creditors were received. Several COC meetings were held to discuss the resolution plan. Despite negotiations and improvements to the financial bid by the highest bidder, the COC unanimously decided to liquidate
…Brij Lal Ashok Kumar, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Tara Chand Rice Mills Pvt. Ltd. The petition was admitted, and a moratorium was declared. Sameer Rastogi was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (COC) was constituted and modified as claims from other financial creditors were received. Several COC meetings were held to discuss the resolution plan. Despite negotiations and improvements to the financial bid by the highest bidder, the COC unanimously decided to liquidate the corporate debtor because the liquidation value was meager and insufficient for the creditors to recover their dues. The
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Filing of CP (…
Petition under Section…
The application was filed for passing an order for the liquidation of Tara Chand Rice Mills Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by Brij Lal Ashok Kumar, an operational creditor. The petition was admitted, and a moratorium was declared. Sameer Rastogi was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (COC) was constituted and modified as claims from other financial creditors were received. Several COC meetings were held to discuss the resolution plan. Despite negotiations and improvements to the financial bid by the highest bidder, the COC unanimously decided to liquidate
…Brij Lal Ashok Kumar, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Tara Chand Rice Mills Pvt. Ltd. The petition was admitted, and a moratorium was declared. Sameer Rastogi was appointed as the Interim Resolution Professional and later as the Resolution Professional. The Committee of Creditors (COC) was constituted and modified as claims from other financial creditors were received. Several COC meetings were held to discuss the resolution plan. Despite negotiations and improvements to the financial bid by the highest bidder, the COC unanimously decided to liquidate the corporate debtor because the liquidation value was meager and insufficient for the creditors to recover their dues. The
…Filing of CP (…
Petition under Section…