The case involves an application (IA-4941/2022) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against AGL Televentures Pvt. Ltd. The CIRP was initiated based on an application under Section 9 of the IBC, 2016, by Hind Tradex Limited (Operational Creditor). Vikky Dang was appointed as the Interim Resolution Professional (IRP). The primary issue arose because the lead bank in the Committee of Creditors (CoC), Jammu & Kashmir Bank, holding 96.58% voting share, decided to withdraw its claim. Furthermore, the Operational Creditor failed to deposit Rs. 2,00,000/- for the CIRP's smooth conduct. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding fees and expenses.
Hind Tradex Limited, an operational creditor, initiated CIRP against AGL Televentures Pvt. Ltd. under Section 9 of IBC, 2016. Vikky Dang was appointed as the IRP. Jammu & Kashmir Bank, holding 96.58% of the voting share in the CoC, decided to withdraw its claim of Rs. 21.64 crores. Hind Tradex Limited failed to deposit Rs. 2,00,000/- as directed by the Adjudicating Authority for CIRP expenses. The IRP convened CoC meetings and made public announcements as required by the IBC. The CoC members abstained from E-voting and did not approve the IRP's appointment as Resolution Professional. The Corporate Debtor has no assets and insufficient funds to cover CIRP costs. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding
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The case involves an application (IA-4941/2022) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against AGL Televentures Pvt. Ltd. The CIRP was initiated based on an application under Section 9 of the IBC, 2016, by Hind Tradex Limited (Operational Creditor). Vikky Dang was appointed as the Interim Resolution Professional (IRP). The primary issue arose because the lead bank in the Committee of Creditors (CoC), Jammu & Kashmir Bank, holding 96.58% voting share, decided to withdraw its claim. Furthermore, the Operational Creditor failed to deposit Rs. 2,00,000/- for the CIRP's smooth conduct. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding fees and expenses.
Hind Tradex Limited, an operational creditor, initiated CIRP against AGL Televentures Pvt. Ltd. under Section 9 of IBC, 2016. Vikky Dang was appointed as the IRP. Jammu & Kashmir Bank, holding 96.58% of the voting share in the CoC, decided to withdraw its claim of Rs. 21.64 crores. Hind Tradex Limited failed to deposit Rs. 2,00,000/- as directed by the Adjudicating Authority for CIRP expenses. The IRP convened CoC meetings and made public announcements as required by the IBC. The CoC members abstained from E-voting and did not approve the IRP's appointment as Resolution Professional. The Corporate Debtor has no assets and insufficient funds to cover CIRP costs. The IRP sought directions for withdrawal of the CIRP, discharge from duties, and payment of outstanding
…Adjudicating Authority…
IRP issued a…