The case involves an application filed by the Resolution Professional, Mr. Naren Sheth, seeking the liquidation of Vadali Infotech Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP vide order dated 12.03.2019. The CoC unanimously decided to liquidate the Corporate Debtor due to the absence of a viable resolution plan and realizable assets. The insolvency process was ending on 7th September 2019.
Vadali Infotech Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). Mr. Naren Sheth was appointed as the Resolution Professional (RP). The CIRP was initiated based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Zicom Electronic Security System Limited, an Operational Creditor. The Committee of Creditors (CoC) convened four meetings. The RP attempted to recover outstanding trade receivables from Digizone Technologies Pvt. Ltd. and Soru Technologies Pvt. Ltd., amounting to Rs. 1.04 Crores and Rs. 9.12 Crores respectively. However, both Digizone and Soru had filed applications for CIRP. The RP informed the CoC that there were no assets in Digizone Technologies Pvt. Ltd. and Soru Technologies Pvt. Ltd. The CoC
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The case involves an application filed by the Resolution Professional, Mr. Naren Sheth, seeking the liquidation of Vadali Infotech Pvt. Ltd. under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP vide order dated 12.03.2019. The CoC unanimously decided to liquidate the Corporate Debtor due to the absence of a viable resolution plan and realizable assets. The insolvency process was ending on 7th September 2019.
Vadali Infotech Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP). Mr. Naren Sheth was appointed as the Resolution Professional (RP). The CIRP was initiated based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Zicom Electronic Security System Limited, an Operational Creditor. The Committee of Creditors (CoC) convened four meetings. The RP attempted to recover outstanding trade receivables from Digizone Technologies Pvt. Ltd. and Soru Technologies Pvt. Ltd., amounting to Rs. 1.04 Crores and Rs. 9.12 Crores respectively. However, both Digizone and Soru had filed applications for CIRP. The RP informed the CoC that there were no assets in Digizone Technologies Pvt. Ltd. and Soru Technologies Pvt. Ltd. The CoC
…Company Petiti…
Tribunal admitted the…