The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Vajram Spinning Mills Private Limited. An earlier Section 7 application by the Financial Creditor led to the initiation of the Corporate Insolvency Resolution Process (CIRP) on 30.01.2020, and the appointment of an Interim Resolution Professional (IRP). The IRP made a public announcement and invited claims. The Committee of Creditors (CoC), consisting of the sole Financial Creditor, met and appointed the Applicant as the Resolution Professional. Two IBBI Registered Valuers were appointed to value the assets. Despite issuing Expressions of Interest, no resolution applicants responded.
M/s. Vajram Spinning Mills Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by a Section 7 application from the Financial Creditor. The CIRP was initiated on 2020-01-30. S. Muthuraju was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims. Two IBBI Registered Valuers were appointed to value the assets of the Corporate Debtor. Despite issuing Expressions of Interest (EoI) on 2020-08-06 and 2020-08-28, no resolution plans were received. The Committee of Creditors (CoC) noted that the Corporate Debtor had not been carrying on business for more than 5 years and was not generating any income. The CoC decided to liquidate the Corporate Debtor in
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Corporate Insolvency Resolution Process (CIRP)…
Public announcement…
The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Vajram Spinning Mills Private Limited. An earlier Section 7 application by the Financial Creditor led to the initiation of the Corporate Insolvency Resolution Process (CIRP) on 30.01.2020, and the appointment of an Interim Resolution Professional (IRP). The IRP made a public announcement and invited claims. The Committee of Creditors (CoC), consisting of the sole Financial Creditor, met and appointed the Applicant as the Resolution Professional. Two IBBI Registered Valuers were appointed to value the assets. Despite issuing Expressions of Interest, no resolution applicants responded.
M/s. Vajram Spinning Mills Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by a Section 7 application from the Financial Creditor. The CIRP was initiated on 2020-01-30. S. Muthuraju was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcements were made to invite claims. Two IBBI Registered Valuers were appointed to value the assets of the Corporate Debtor. Despite issuing Expressions of Interest (EoI) on 2020-08-06 and 2020-08-28, no resolution plans were received. The Committee of Creditors (CoC) noted that the Corporate Debtor had not been carrying on business for more than 5 years and was not generating any income. The CoC decided to liquidate the Corporate Debtor in
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement…