The case involves an application (I.A.No.395/2020) filed in C.P.(IB)No.214/BB/2019 by Ratnakar Shetty, the Resolution Professional (RP) of M/s. Unitex Apparels Private Limited, seeking the initiation of liquidation proceedings for the Corporate Debtor under Section 33(2) of the I&B Code, 2016, and to appoint him as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Madura Coats Private Limited under Section 9 of the IBC. The RP issued public announcements, constituted a Committee of Creditors (COC), and invited expressions of interest (EOI). However, no resolution plan was received, leading the RP to recommend liquidation.
M/s. Madura Coats Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Unitex Apparels Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on October 29, 2019, and appointed an Interim Resolution Professional (IRP). The IRP made public announcements and constituted a Committee of Creditors (COC) consisting of twenty financial creditors. The first COC meeting was held on December 6, 2019, where the existing IRP was approved as the Resolution Professional (RP). The RP appointed registered valuers to determine the liquidation value of the company's assets. The RP prepared an information memorandum and invited expressions of interest (EOI) but received no
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The case involves an application (I.A.No.395/2020) filed in C.P.(IB)No.214/BB/2019 by Ratnakar Shetty, the Resolution Professional (RP) of M/s. Unitex Apparels Private Limited, seeking the initiation of liquidation proceedings for the Corporate Debtor under Section 33(2) of the I&B Code, 2016, and to appoint him as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by M/s. Madura Coats Private Limited under Section 9 of the IBC. The RP issued public announcements, constituted a Committee of Creditors (COC), and invited expressions of interest (EOI). However, no resolution plan was received, leading the RP to recommend liquidation.
M/s. Madura Coats Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Unitex Apparels Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on October 29, 2019, and appointed an Interim Resolution Professional (IRP). The IRP made public announcements and constituted a Committee of Creditors (COC) consisting of twenty financial creditors. The first COC meeting was held on December 6, 2019, where the existing IRP was approved as the Resolution Professional (RP). The RP appointed registered valuers to determine the liquidation value of the company's assets. The RP prepared an information memorandum and invited expressions of interest (EOI) but received no
…The Adjudicating Authority admitted the…
The Interim Resolution Professional (IRP)…
Sign in to view related legal provisions.