The case involves an application submitted by the Resolution Professional on 2018-08-28 seeking an order under Section 54 of the Insolvency and Bankruptcy Code (IBC) for the dissolution of the Corporate Debtor, Zeel Global Projects Private Limited. The application is based on the fact that the Corporate Debtor has no assets for liquidation to satisfy the outstanding debt. An order was previously passed on 2017-04-27 admitting a petition under Section 9 of the I&B Code filed by the Operational Creditor, Arvind Gawada, and appointing a Resolution Professional. Consequently, a moratorium was pronounced under Section 14 of the Code.
Arvind Gawada, an Operational Creditor, filed a petition against Zeel Global Projects Private Limited, the Corporate Debtor. The petition was admitted on 2017-04-27, and a Resolution Professional, Mr. Milind Kosadekar, was appointed. A moratorium was declared. The Resolution Professional constituted a Committee of Creditors. The Resolution Professional reported that the Corporate Debtor had no assets for liquidation to satisfy the outstanding debt. The Committee of Creditors approved for liquidation. An order under Section 33(2) was passed on 2018-05-07, allowing the Debtor Company to be liquidated. The Resolution Professional contacted other creditors, but only two banks, Central Bank of India and Bank of Maharashtra, lodged their claims. The company's liabilities as
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Form No.5 received from an 'Operational…
An Order was passed admitting the Petition…
The case involves an application submitted by the Resolution Professional on 2018-08-28 seeking an order under Section 54 of the Insolvency and Bankruptcy Code (IBC) for the dissolution of the Corporate Debtor, Zeel Global Projects Private Limited. The application is based on the fact that the Corporate Debtor has no assets for liquidation to satisfy the outstanding debt. An order was previously passed on 2017-04-27 admitting a petition under Section 9 of the I&B Code filed by the Operational Creditor, Arvind Gawada, and appointing a Resolution Professional. Consequently, a moratorium was pronounced under Section 14 of the Code.
Arvind Gawada, an Operational Creditor, filed a petition against Zeel Global Projects Private Limited, the Corporate Debtor. The petition was admitted on 2017-04-27, and a Resolution Professional, Mr. Milind Kosadekar, was appointed. A moratorium was declared. The Resolution Professional constituted a Committee of Creditors. The Resolution Professional reported that the Corporate Debtor had no assets for liquidation to satisfy the outstanding debt. The Committee of Creditors approved for liquidation. An order under Section 33(2) was passed on 2018-05-07, allowing the Debtor Company to be liquidated. The Resolution Professional contacted other creditors, but only two banks, Central Bank of India and Bank of Maharashtra, lodged their claims. The company's liabilities as
…Form No.5 received from an 'Operational…
An Order was passed admitting the Petition…