The case pertains to the insolvency resolution of Wig Brothers Construction Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the I&B Code, 2016, by an Operational Creditor. Aditya Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP took over the management, issued newspaper publications inviting claims from creditors, and constituted the Committee of Creditors (CoC). However, due to the company's poor financial state, lack of updated financials, and negative net worth, the CoC recommended liquidation.
Wig Brothers Construction Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the I&B Code by an Operational Creditor. Aditya Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP took over the management and constituted a Committee of Creditors (CoC). The company's registered office was closed, and audit reports for financial years 2016-17 and 2017-18 were delayed. The RP was unable to verify claims due to a lack of necessary documents. The CoC was informed that the company had incurred significant losses, resulting in a negative net worth. The CoC recommended liquidation due to the company's poor financial state and lack of revival
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CP/IB/614/ND/2017 filed under Section 33(1)…
The application under…
The case pertains to the insolvency resolution of Wig Brothers Construction Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the I&B Code, 2016, by an Operational Creditor. Aditya Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP took over the management, issued newspaper publications inviting claims from creditors, and constituted the Committee of Creditors (CoC). However, due to the company's poor financial state, lack of updated financials, and negative net worth, the CoC recommended liquidation.
Wig Brothers Construction Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the I&B Code by an Operational Creditor. Aditya Agarwal was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The IRP took over the management and constituted a Committee of Creditors (CoC). The company's registered office was closed, and audit reports for financial years 2016-17 and 2017-18 were delayed. The RP was unable to verify claims due to a lack of necessary documents. The CoC was informed that the company had incurred significant losses, resulting in a negative net worth. The CoC recommended liquidation due to the company's poor financial state and lack of revival
…CP/IB/614/ND/2017 filed under Section 33(1)…
The application under…