The case pertains to an application under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) was appointed by the Adjudicating Authority. The RP invited claims from the creditors and prepared a list of creditors as per Section 104 of IBC, 2016. A repayment plan was prepared based on the claims received and shared with the creditors. The RP also prepared a statement of affairs, which indicated that the debtor had no sustainable source of income. Ultimately, the repayment plan proposed by the debtor was rejected by the creditors.
The Resolution Professional was appointed under Section 97(5) by order of the Adjudicating Authority dated 2020-09-18. The RP made a public announcement on 2020-11-01, inviting claims from the creditors of the debtor. A list of creditors was prepared according to Section 104 of the IBC, 2016. Based on the claims received before the deadline, the RP prepared a repayment plan on 2020-12-07, which was shared with each category of creditors. The RP also prepared a statement of affairs based on available records and income tax returns, indicating that the debtor had no sustainable income source for the past few years. The creditors rejected the repayment plan proposed by the debtor. The court found no useful purpose in directing the RP to reconvene a meeting of creditors to
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Resolution Professional…
RP caused public…
The case pertains to an application under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) was appointed by the Adjudicating Authority. The RP invited claims from the creditors and prepared a list of creditors as per Section 104 of IBC, 2016. A repayment plan was prepared based on the claims received and shared with the creditors. The RP also prepared a statement of affairs, which indicated that the debtor had no sustainable source of income. Ultimately, the repayment plan proposed by the debtor was rejected by the creditors.
The Resolution Professional was appointed under Section 97(5) by order of the Adjudicating Authority dated 2020-09-18. The RP made a public announcement on 2020-11-01, inviting claims from the creditors of the debtor. A list of creditors was prepared according to Section 104 of the IBC, 2016. Based on the claims received before the deadline, the RP prepared a repayment plan on 2020-12-07, which was shared with each category of creditors. The RP also prepared a statement of affairs based on available records and income tax returns, indicating that the debtor had no sustainable income source for the past few years. The creditors rejected the repayment plan proposed by the debtor. The court found no useful purpose in directing the RP to reconvene a meeting of creditors to
…Resolution Professional…
RP caused public…