The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code by the Resolution Professional of Varia Aluminium Pvt. Ltd., seeking liquidation of the company. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Varia Aluminium Pvt. Ltd. under Section 7 of the Code, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) resolved to liquidate the company as no resolution plan was received. The Adjudicating Authority considered the application and the fact that the CIRP had expired.
Varia Aluminium Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its 12th meeting held on 09.04.2019, resolved to liquidate the company because no resolution plan was received. The Corporate Insolvency Resolution Process (CIRP) expired on 28.11.2017. The Resolution Professional filed an application under Section 33(1) of the IBC seeking an order for liquidation. The COC voted 100% in favor of liquidation. The Adjudicating Authority considered the application and decided to pass a liquidation order.
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The COC in its 12th…
Corporate Ins…
The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code by the Resolution Professional of Varia Aluminium Pvt. Ltd., seeking liquidation of the company. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Varia Aluminium Pvt. Ltd. under Section 7 of the Code, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) resolved to liquidate the company as no resolution plan was received. The Adjudicating Authority considered the application and the fact that the CIRP had expired.
Varia Aluminium Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (COC) in its 12th meeting held on 09.04.2019, resolved to liquidate the company because no resolution plan was received. The Corporate Insolvency Resolution Process (CIRP) expired on 28.11.2017. The Resolution Professional filed an application under Section 33(1) of the IBC seeking an order for liquidation. The COC voted 100% in favor of liquidation. The Adjudicating Authority considered the application and decided to pass a liquidation order.
The COC in its 12th…
Corporate Ins…