The case involves an application filed by Sahara Fincon Pvt. Ltd., a financial creditor, against Tirupati Ceramics Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was initially admitted, and an Interim Resolution Professional (IRP), Mr. Amit Sharma, was appointed. Subsequently, the Committee of Creditors (CoC) decided not to proceed with the existing Resolution Professional and resolved for liquidation of the corporate debtor. The CoC proposed replacing Mr. Amit Sharma with Mr. Punkaj Jain as the Resolution Professional. The Adjudicating Authority is considering the CoC's decision to liquidate the corporate debtor and the proposed change in Resolution Professionals.
Sahara Fincon Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Amit Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC), in a meeting held on 17.01.2018, decided with 100% votes that the CIRP had failed and resolved for the liquidation of Tirupati Ceramics Ltd. The CoC also resolved to replace Mr. Amit Sharma and appoint Mr. Punkaj Jain as the liquidator. Mr. Amit Sharma submitted a final report intimating the CoC's decision to seek liquidation. The application before the NCLT was to approve the liquidation and the
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The case involves an application filed by Sahara Fincon Pvt. Ltd., a financial creditor, against Tirupati Ceramics Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was initially admitted, and an Interim Resolution Professional (IRP), Mr. Amit Sharma, was appointed. Subsequently, the Committee of Creditors (CoC) decided not to proceed with the existing Resolution Professional and resolved for liquidation of the corporate debtor. The CoC proposed replacing Mr. Amit Sharma with Mr. Punkaj Jain as the Resolution Professional. The Adjudicating Authority is considering the CoC's decision to liquidate the corporate debtor and the proposed change in Resolution Professionals.
Sahara Fincon Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirupati Ceramics Ltd., leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Amit Sharma was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (CoC), in a meeting held on 17.01.2018, decided with 100% votes that the CIRP had failed and resolved for the liquidation of Tirupati Ceramics Ltd. The CoC also resolved to replace Mr. Amit Sharma and appoint Mr. Punkaj Jain as the liquidator. Mr. Amit Sharma submitted a final report intimating the CoC's decision to seek liquidation. The application before the NCLT was to approve the liquidation and the
…The petition filed by…
Mr. Amit Sharma was…
Sign in to view related legal provisions.