The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Varun Resources Limited. The Corporate Debtor was admitted into the corporate insolvency resolution process (CIRP) on 2017-06-14. The initial resolution professional was confirmed by the Committee of Creditors (CoC). An extension of the statutory time period was granted. The managers and crew of the Corporate Debtor's vessels filed admiralty suits in the Bombay High Court due to non-payment of dues, leading to the arrest and planned sale of the vessels. The resolution plan was not approved by the requisite majority in the CoC meeting held on 2018-03-06, leading to the application for
…Varun Resources Limited was admitted into corporate insolvency resolution process (CIRP) on 2017-06-14. Sanjeev Maheshwari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The statutory period of 180 days for CIRP was expiring on 2017-12-10, and an extension of 90 days was granted. Managers and crew of the Corporate Debtor's vessels filed admiralty suits in the Bombay High Court due to non-payment of dues, leading to the arrest of vessels. The Bombay High Court directed the sale of vessels and deposition of sale proceeds. The Committee of Creditors (CoC) was informed about the admiralty proceedings. The resolution plan was not approved by the requisite majority in the 17th CoC meeting held on 2018-03-06, within
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The Corporate Debtor, Varun Resources Limited,…
The statutory time…
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The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Varun Resources Limited. The Corporate Debtor was admitted into the corporate insolvency resolution process (CIRP) on 2017-06-14. The initial resolution professional was confirmed by the Committee of Creditors (CoC). An extension of the statutory time period was granted. The managers and crew of the Corporate Debtor's vessels filed admiralty suits in the Bombay High Court due to non-payment of dues, leading to the arrest and planned sale of the vessels. The resolution plan was not approved by the requisite majority in the CoC meeting held on 2018-03-06, leading to the application for
…Varun Resources Limited was admitted into corporate insolvency resolution process (CIRP) on 2017-06-14. Sanjeev Maheshwari was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The statutory period of 180 days for CIRP was expiring on 2017-12-10, and an extension of 90 days was granted. Managers and crew of the Corporate Debtor's vessels filed admiralty suits in the Bombay High Court due to non-payment of dues, leading to the arrest of vessels. The Bombay High Court directed the sale of vessels and deposition of sale proceeds. The Committee of Creditors (CoC) was informed about the admiralty proceedings. The resolution plan was not approved by the requisite majority in the 17th CoC meeting held on 2018-03-06, within
…The Corporate Debtor, Varun Resources Limited,…
The statutory time…
Sign in to view related legal provisions.