The case involves an application (I.A. No. 1873/2021) filed by the Resolution Professional (RP), Mr. Ankur Kumar, seeking liquidation of Union Chains & Jewellers Private Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Regulation 3 of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulation, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Indiabulls Consumer Finance Limited under Section 7 of the IBC. The Committee of Creditors (CoC) was constituted, and in its 4th meeting, it was decided to initiate liquidation proceedings against the Corporate Debtor due to lack of operations and cooperation from the
…Indiabulls Consumer Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Union Chains & Jewellers Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 27.09.2019. Mr. Ankur Kumar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted on 06.11.2019. In its 4th meeting held on 24.06.2021, the CoC noted that there were no operations in the Corporate Debtor, and the directors were not cooperating. Considering the nearing end of the CIRP period, the CoC decided to initiate liquidation proceedings. The CoC approved a resolution for liquidation with a 94.62% majority, also
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The Tribunal admitted the petition under…
The Committ…
The case involves an application (I.A. No. 1873/2021) filed by the Resolution Professional (RP), Mr. Ankur Kumar, seeking liquidation of Union Chains & Jewellers Private Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) and Regulation 3 of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulation, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Indiabulls Consumer Finance Limited under Section 7 of the IBC. The Committee of Creditors (CoC) was constituted, and in its 4th meeting, it was decided to initiate liquidation proceedings against the Corporate Debtor due to lack of operations and cooperation from the
…Indiabulls Consumer Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Union Chains & Jewellers Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 27.09.2019. Mr. Ankur Kumar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted on 06.11.2019. In its 4th meeting held on 24.06.2021, the CoC noted that there were no operations in the Corporate Debtor, and the directors were not cooperating. Considering the nearing end of the CIRP period, the CoC decided to initiate liquidation proceedings. The CoC approved a resolution for liquidation with a 94.62% majority, also
…The Tribunal admitted the petition under…
The Committ…