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 an order dated 18.09.2020. The RP invited claims from creditors, prepared a list of creditors, and formulated a repayment plan based on the claims received. The RP also prepared a statement of affairs reflecting the debtor's lack of sustainable income. The repayment plan was ultimately rejected by the creditors.
An application was filed under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. A Resolution Professional was appointed on 18.09.2020. The RP invited claims from the creditors of the debtor and prepared a list of creditors as per Section 104 of IBC, 2016. Based on the claims received, the RP prepared a repayment plan on 07.12.2020, which was shared with the creditors. The RP also prepared a statement of affairs, including income tax returns, indicating that the debtor had no sustainable income for the past few years. The creditors rejected the repayment plan proposed by the debtor. The court then considered whether to direct the RP to reconvene a meeting of creditors to reconsider the repayment plan.
Sign in to view the parties.
Resolution Professional…
Resolution Professional…
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 an order dated 18.09.2020. The RP invited claims from creditors, prepared a list of creditors, and formulated a repayment plan based on the claims received. The RP also prepared a statement of affairs reflecting the debtor's lack of sustainable income. The repayment plan was ultimately rejected by the creditors.
An application was filed under Section 94 read with Section 114(1) of the Insolvency and Bankruptcy Code, 2016. A Resolution Professional was appointed on 18.09.2020. The RP invited claims from the creditors of the debtor and prepared a list of creditors as per Section 104 of IBC, 2016. Based on the claims received, the RP prepared a repayment plan on 07.12.2020, which was shared with the creditors. The RP also prepared a statement of affairs, including income tax returns, indicating that the debtor had no sustainable income for the past few years. The creditors rejected the repayment plan proposed by the debtor. The court then considered whether to direct the RP to reconvene a meeting of creditors to reconsider the repayment plan.
Resolution Professional…
Resolution Professional…