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 (IB 989(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 2018-09-27, and Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP). A public announcement was made as per Regulation 6(1) of the CIRP Regulations, 2016.
Mr. Naveen Malhotra, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against VTL (India) Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2018-09-27. Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP). The corporate debtor had significant debts to Canara Bank and State Bank of India, totaling Rs. 12,33,45,528/-, and also had unsecured liabilities. The company's balance sheet showed no tangible assets. Notices regarding CIRP were sent to financial creditors, but no claims were submitted by them. Mr. Malhotra submitted a claim for Rs. 1,25,000/-, and the Office of Commissioner of Custom submitted a claim for Rs 64,44,512/-. The
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Application under…
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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 (IB 989(ND)/2018) under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. This application was admitted on 2018-09-27, and Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP). A public announcement was made as per Regulation 6(1) of the CIRP Regulations, 2016.
Mr. Naveen Malhotra, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against VTL (India) Limited, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2018-09-27. Mr. Ashish Singh was appointed as the Interim Resolution Professional (IRP). The corporate debtor had significant debts to Canara Bank and State Bank of India, totaling Rs. 12,33,45,528/-, and also had unsecured liabilities. The company's balance sheet showed no tangible assets. Notices regarding CIRP were sent to financial creditors, but no claims were submitted by them. Mr. Malhotra submitted a claim for Rs. 1,25,000/-, and the Office of Commissioner of Custom submitted a claim for Rs 64,44,512/-. The
…Application under…
Public announcement…