The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, U.P. Infraestate Private Limited, and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The Committee of Creditors (COC) in its 4th meeting held on 03.09.2019, attended by the authorized Representative of Home Buyers and the suspended member of the Board, informed that the maximum statutory period for completion of CIRP i.e. 270 days is to expire on 08 September, 2019, and there is no other option left but to apply for initiation of liquidation process
…The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of U.P. Infraestate Private Limited and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The COC, in its 4th meeting held on 03.09.2019, determined that the maximum statutory period for completion of CIRP would expire on 08 September, 2019, and opted for liquidation with 71.64% voting. Mr. Devinder Arora, the Resolution Professional, was proposed to act as the Liquidator. The Adjudicating Authority considered the application and the documents, noting the COC's support for liquidation. The Adjudicating
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The Adjudicating Authority initiated the CIRP…
The COC held its 4th meeting and determined…
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The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, U.P. Infraestate Private Limited, and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The Committee of Creditors (COC) in its 4th meeting held on 03.09.2019, attended by the authorized Representative of Home Buyers and the suspended member of the Board, informed that the maximum statutory period for completion of CIRP i.e. 270 days is to expire on 08 September, 2019, and there is no other option left but to apply for initiation of liquidation process
…The Resolution Professional filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of U.P. Infraestate Private Limited and the appointment of a liquidator. The CIRP was initiated based on a petition filed by the financial creditor under Section 7 of the Code, with an order dated 13.12.2018. The COC, in its 4th meeting held on 03.09.2019, determined that the maximum statutory period for completion of CIRP would expire on 08 September, 2019, and opted for liquidation with 71.64% voting. Mr. Devinder Arora, the Resolution Professional, was proposed to act as the Liquidator. The Adjudicating Authority considered the application and the documents, noting the COC's support for liquidation. The Adjudicating
…The Adjudicating Authority initiated the CIRP…
The COC held its 4th meeting and determined…
Sign in to view related legal provisions.