The case involves an application for liquidation of the Corporate Debtor, Y M Foodways Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) had commenced against the Corporate Debtor vide order dated 21.11.2019. The Resolution Professional (RP) was appointed, and the Committee of Creditors (CoC) was constituted. Despite inviting expressions of interest, no resolution plan was received. The CoC, with 100% voting, approved the resolution for liquidation.
The Corporate Debtor (Y M Foodways Private Limited) underwent CIRP, initiated on 2019-11-21. Mr. Amit Kaushal was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Satya Prakash. The company's 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 during 2018-19. The CoC, consisting of operational creditors, approved liquidation with 100% voting after no resolution plan was received despite inviting expressions of interest. The RP was appointed as the liquidator. The company had been supplying milk to Kwality, which also went into liquidation, stopping their business.
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Corporate Insolvency Resolution Process (CIRP)…
The IRP constituted CoC…
The case involves an application for liquidation of the Corporate Debtor, Y M Foodways Private Limited, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) had commenced against the Corporate Debtor vide order dated 21.11.2019. The Resolution Professional (RP) was appointed, and the Committee of Creditors (CoC) was constituted. Despite inviting expressions of interest, no resolution plan was received. The CoC, with 100% voting, approved the resolution for liquidation.
The Corporate Debtor (Y M Foodways Private Limited) underwent CIRP, initiated on 2019-11-21. Mr. Amit Kaushal was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Satya Prakash. The company's 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 during 2018-19. The CoC, consisting of operational creditors, approved liquidation with 100% voting after no resolution plan was received despite inviting expressions of interest. The RP was appointed as the liquidator. The company had been supplying milk to Kwality, which also went into liquidation, stopping their business.
…Corporate Insolvency Resolution Process (CIRP)…
The IRP constituted CoC…