M/s. Venessa Metals and Alloys Pvt. Ltd. filed a petition against M/s. Terrence Alloys Pvt. Ltd. under Section 9 of the IBC. The Resolution Professional, Mr. Brahm Datt Verma, sought an order of liquidation for the corporate debtor. The CoC, with 100% majority, proposed liquidation and resolved to appoint Mr. Verma as liquidator. The Tribunal noted that no one represented the corporate debtor despite service of notice. The Resolution Professional submitted a fourth status report for the period from February 1, 2021, to May 15, 2021. The Tribunal confirmed the CoC's decision, directed the liquidator to proceed, and instructed the Resolution Professional to engage with IBBI regarding the suspended Board of Directors.

M/s. Venessa Metals and Alloys Pvt. Ltd. filed a petition against M/s. Terrence Alloys Pvt. Ltd. under Section 9 of the IBC. The Resolution Professional, Mr. Brahm Datt Verma, sought an order of liquidation for the corporate debtor. The CoC, with 100% majority, proposed liquidation and resolved to appoint Mr. Verma as liquidator. The Tribunal noted that no one represented the corporate debtor despite service of notice. The Resolution Professional submitted a fourth status report for the period from February 1, 2021, to May 15, 2021. The Tribunal confirmed the CoC's decision, directed the liquidator to proceed, and instructed the Resolution Professional to engage with IBBI regarding the suspended Board of Directors.