The case involves an application filed by the Resolution Professional of Tejaswini Engineering Pvt Ltd, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation due to the absence of a resolution plan. The insolvency petition was originally filed by the Financial Creditor, BRS Enterprises & Trading Limited, under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Tejaswini Engineering Pvt Ltd. An Interim Resolution Professional (IRP) was initially appointed, later replaced by Ms. M Vazra Laxmi.
BRS Enterprises & Trading Ltd, the Financial Creditor, initiated insolvency proceedings against Tejaswini Engineering Pvt Ltd, the Corporate Debtor, under Section 7 of the IBC. The CIRP was initiated on 2021-03-01. An IRP was appointed and subsequently replaced by Ms. M Vazra Laxmi as the Resolution Professional. During the CIRP, no resolution plan was approved. The CoC decided to liquidate the Corporate Debtor, noting that the liquidation value of the financial assets was zero. The Resolution Professional then filed an application under Section 33(2) of the IBC for liquidation. The Corporate Debtor has no immovable assets or plant and machineries available.
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Corporate Insolvency Resolution Process (CIRP)…
Ms. M Vazra Laxmi appointed as the Resolution…
The case involves an application filed by the Resolution Professional of Tejaswini Engineering Pvt Ltd, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation due to the absence of a resolution plan. The insolvency petition was originally filed by the Financial Creditor, BRS Enterprises & Trading Limited, under Section 7 of the Code, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Tejaswini Engineering Pvt Ltd. An Interim Resolution Professional (IRP) was initially appointed, later replaced by Ms. M Vazra Laxmi.
BRS Enterprises & Trading Ltd, the Financial Creditor, initiated insolvency proceedings against Tejaswini Engineering Pvt Ltd, the Corporate Debtor, under Section 7 of the IBC. The CIRP was initiated on 2021-03-01. An IRP was appointed and subsequently replaced by Ms. M Vazra Laxmi as the Resolution Professional. During the CIRP, no resolution plan was approved. The CoC decided to liquidate the Corporate Debtor, noting that the liquidation value of the financial assets was zero. The Resolution Professional then filed an application under Section 33(2) of the IBC for liquidation. The Corporate Debtor has no immovable assets or plant and machineries available.
Corporate Insolvency Resolution Process (CIRP)…
Ms. M Vazra Laxmi appointed as the Resolution…