The case involves an application (IA 362 of 2018) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Varia Engineering Works Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the RP was appointed. The Committee of Creditors (CoC) directed the Corporate Debtor to cooperate with the RP, but the RP faced non-cooperation in retrieving relevant information. Despite efforts to revive the company, no resolution plan was received even after extending the deadline. The CoC then resolved to file a liquidation application, which was approved by a majority voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Varia Engineering Works Pvt. Ltd. The Resolution Professional (RP) was appointed and faced non-cooperation from the Corporate Debtor in retrieving relevant information. The Committee of Creditors (CoC) directed the Corporate Debtor to cooperate. The RP published advertisements seeking expressions of interest for a resolution plan, but no plan was received even after extending the deadline. The CIRP period expired. The CoC resolved to file a liquidation application under Section 33 of the IB Code, which was approved by a majority voting share. The RP filed IA 362 of 2018 seeking liquidation. The Adjudicating Authority observed that the CIRP had expired and that it was a fit case for liquidation.
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CP(IB) 149/20…
The first meeting of…
The case involves an application (IA 362 of 2018) filed by the Resolution Professional (RP) under Section 33 of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Varia Engineering Works Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated, and the RP was appointed. The Committee of Creditors (CoC) directed the Corporate Debtor to cooperate with the RP, but the RP faced non-cooperation in retrieving relevant information. Despite efforts to revive the company, no resolution plan was received even after extending the deadline. The CoC then resolved to file a liquidation application, which was approved by a majority voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Varia Engineering Works Pvt. Ltd. The Resolution Professional (RP) was appointed and faced non-cooperation from the Corporate Debtor in retrieving relevant information. The Committee of Creditors (CoC) directed the Corporate Debtor to cooperate. The RP published advertisements seeking expressions of interest for a resolution plan, but no plan was received even after extending the deadline. The CIRP period expired. The CoC resolved to file a liquidation application under Section 33 of the IB Code, which was approved by a majority voting share. The RP filed IA 362 of 2018 seeking liquidation. The Adjudicating Authority observed that the CIRP had expired and that it was a fit case for liquidation.
…CP(IB) 149/20…
The first meeting of…