The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Arun Kumar Jain, an Operational Creditor, against Upadan Commodities Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on August 29, 2017, and Mr. Sandeep Kumar Kejriwal was appointed as the Resolution Professional (RP). However, Mr. Kejriwal resigned without prior notice, and Mr. Basudeo Agarwal was appointed as the new RP. Mr. Agarwal expressed his inability to continue the resolution process due to a lack of cooperation from the Corporate Debtor and the Committee of Creditors (CoC). The CoC, with 100% voting share, decided not to extend the CIRP beyond 180 days.
Arun Kumar Jain, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Upadan Commodities Private Ltd., the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on August 29, 2017. Sandeep Kumar Kejriwal was initially appointed as the Resolution Professional (RP) but resigned without notice. Basudeo Agarwal was then appointed as the RP. Agarwal reported his inability to continue the CIRP due to a lack of cooperation from the Corporate Debtor and the Committee of Creditors (CoC). The CoC, holding 100% of the voting shares, decided not to apply for an extension of the CIRP beyond the initial 180-day period. The RP was unable to locate the
…Sign in to view the parties.
The petition filed by Arun Kumar Jain…
Mr. Sandeep Kumar…
The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Arun Kumar Jain, an Operational Creditor, against Upadan Commodities Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on August 29, 2017, and Mr. Sandeep Kumar Kejriwal was appointed as the Resolution Professional (RP). However, Mr. Kejriwal resigned without prior notice, and Mr. Basudeo Agarwal was appointed as the new RP. Mr. Agarwal expressed his inability to continue the resolution process due to a lack of cooperation from the Corporate Debtor and the Committee of Creditors (CoC). The CoC, with 100% voting share, decided not to extend the CIRP beyond 180 days.
Arun Kumar Jain, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Upadan Commodities Private Ltd., the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on August 29, 2017. Sandeep Kumar Kejriwal was initially appointed as the Resolution Professional (RP) but resigned without notice. Basudeo Agarwal was then appointed as the RP. Agarwal reported his inability to continue the CIRP due to a lack of cooperation from the Corporate Debtor and the Committee of Creditors (CoC). The CoC, holding 100% of the voting shares, decided not to apply for an extension of the CIRP beyond the initial 180-day period. The RP was unable to locate the
…The petition filed by Arun Kumar Jain…
Mr. Sandeep Kumar…