The case involves an application for liquidation of the Corporate Debtor, Y M Foodways Private Limited, due to the failure of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 21.11.2019. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% voting.
The Corporate Debtor, Y M Foodways Private Limited, underwent CIRP initiated on 2019-11-21. The initial share capital was Rs. 1.0 lakh, with negative reserves and surplus of Rs. 18.5 crore as of 2020-03-31. The company's revenue from operations was Rs. 2.93 crore during 2019-20, significantly lower than the Rs. 237 crore in 2018-19. The RP invited expressions of interest, but no resolution plan was received. The CoC, consisting of operational creditors, voted with 100% majority to liquidate the Corporate Debtor. The CoC replaced the initial IRP, Mr. Amit Kaushal, with Mr. Satya Prakash as the RP. The RP was then appointed as the liquidator. The Adjudicating Authority considered the application for liquidation under Section 33 of the IBC, noting the absence of a
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CIRP against the…
The IRP constit…
The case involves an application for liquidation of the Corporate Debtor, Y M Foodways Private Limited, due to the failure of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 21.11.2019. Despite inviting expressions of interest, no resolution plan was received. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with 100% voting.
The Corporate Debtor, Y M Foodways Private Limited, underwent CIRP initiated on 2019-11-21. The initial share capital was Rs. 1.0 lakh, with negative reserves and surplus of Rs. 18.5 crore as of 2020-03-31. The company's revenue from operations was Rs. 2.93 crore during 2019-20, significantly lower than the Rs. 237 crore in 2018-19. The RP invited expressions of interest, but no resolution plan was received. The CoC, consisting of operational creditors, voted with 100% majority to liquidate the Corporate Debtor. The CoC replaced the initial IRP, Mr. Amit Kaushal, with Mr. Satya Prakash as the RP. The RP was then appointed as the liquidator. The Adjudicating Authority considered the application for liquidation under Section 33 of the IBC, noting the absence of a
…CIRP against the…
The IRP constit…