The case involves an application filed under Section 33(1)(a) read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional seeking an order for the liquidation and appointment of a liquidator for the Corporate Debtor, V.A.M Resorts and Hotels Pvt. Ltd. The CIRP was initiated following a petition filed by the Financial Creditor under Section 7 of the Code. The Resolution Professional, Mr. Ashish Singh, was appointed as the IRP and later confirmed as RP. Despite efforts, no resolution plan was received, and the CoC ultimately resolved to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against V.A.M Resorts and Hotels Private Limited based on a petition filed by the Financial Creditor, Indiabulls Housing Finance Ltd., under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held to discuss the progress of the CIRP. Despite efforts to invite resolution plans, including publishing Form G and extending deadlines, no viable resolution plan was received. The CoC also considered a settlement request from the ex-directors, but the settlement failed. Ultimately, the CoC resolved with 100% voting share to
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CIRP initia…
Adjudicating Authority order based on a…
The case involves an application filed under Section 33(1)(a) read with 33(2) of the Insolvency and Bankruptcy Code by the Resolution Professional seeking an order for the liquidation and appointment of a liquidator for the Corporate Debtor, V.A.M Resorts and Hotels Pvt. Ltd. The CIRP was initiated following a petition filed by the Financial Creditor under Section 7 of the Code. The Resolution Professional, Mr. Ashish Singh, was appointed as the IRP and later confirmed as RP. Despite efforts, no resolution plan was received, and the CoC ultimately resolved to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against V.A.M Resorts and Hotels Private Limited based on a petition filed by the Financial Creditor, Indiabulls Housing Finance Ltd., under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held to discuss the progress of the CIRP. Despite efforts to invite resolution plans, including publishing Form G and extending deadlines, no viable resolution plan was received. The CoC also considered a settlement request from the ex-directors, but the settlement failed. Ultimately, the CoC resolved with 100% voting share to
…CIRP initia…
Adjudicating Authority order based on a…