The case involves an application (IA 263 of 2019) filed in conjunction with a Corporate Petition (CP(IB) No. 27/NCLT/AHM/2018) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The application was filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, Vaman Fabrics Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) had commenced earlier, and the Committee of Creditors (CoC) had resolved to recommend liquidation as no resolution plan was received, and the company's assets had already been sold by the secured creditor, resulting in a NIL liquidation value.
Premraj Ramratan Laddha, the Interim Resolution Professional (IRP) for Vaman Fabrics Pvt. Ltd., filed an application (IA 263 of 2019) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT) seeking liquidation of Vaman Fabrics Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier, and the application was filed under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had resolved in its fourth meeting held on March 30, 2019, to recommend liquidation as the company had not received any resolution plan, was not a going concern, and had no business operations for the last three years. The company had turned into a Non-Performing Asset (NPA) since March 2016, and its
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Corporate Petition…
Committee of Creditors…
The case involves an application (IA 263 of 2019) filed in conjunction with a Corporate Petition (CP(IB) No. 27/NCLT/AHM/2018) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The application was filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor, Vaman Fabrics Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) had commenced earlier, and the Committee of Creditors (CoC) had resolved to recommend liquidation as no resolution plan was received, and the company's assets had already been sold by the secured creditor, resulting in a NIL liquidation value.
Premraj Ramratan Laddha, the Interim Resolution Professional (IRP) for Vaman Fabrics Pvt. Ltd., filed an application (IA 263 of 2019) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT) seeking liquidation of Vaman Fabrics Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) had been initiated earlier, and the application was filed under Sections 33 and 34 of the Insolvency and Bankruptcy Code (IBC). The Committee of Creditors (CoC) had resolved in its fourth meeting held on March 30, 2019, to recommend liquidation as the company had not received any resolution plan, was not a going concern, and had no business operations for the last three years. The company had turned into a Non-Performing Asset (NPA) since March 2016, and its
…Corporate Petition…
Committee of Creditors…