The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, VTL (India) Limited. The operational creditor, Mr. Naveen Malhotra, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted by the tribunal on 2018-09-27. Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP).
Mr. Naveen Malhotra, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against VTL (India) Limited, the corporate debtor. The application was admitted on 2018-09-27. The corporate debtor had significant loans from Canara Bank and State Bank of India, but its balance sheets showed no tangible or intangible assets. The financial creditors did not submit claims. Mr. Malhotra's claim led to the formation of the Committee of Creditors (CoC), which was later reconstituted. Two registered valuers assessed the fair value of the corporate debtor's assets as NIL. A liquidation application was initially dismissed due to lack of CoC approval. The CIRP period of
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Application under…
Interim Resolution…
The case involves an application filed by the Resolution Professional under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the corporate debtor, VTL (India) Limited. The operational creditor, Mr. Naveen Malhotra, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, which was admitted by the tribunal on 2018-09-27. Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP).
Mr. Naveen Malhotra, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against VTL (India) Limited, the corporate debtor. The application was admitted on 2018-09-27. The corporate debtor had significant loans from Canara Bank and State Bank of India, but its balance sheets showed no tangible or intangible assets. The financial creditors did not submit claims. Mr. Malhotra's claim led to the formation of the Committee of Creditors (CoC), which was later reconstituted. Two registered valuers assessed the fair value of the corporate debtor's assets as NIL. A liquidation application was initially dismissed due to lack of CoC approval. The CIRP period of
…Application under…
Interim Resolution…