The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Ashoka Design LLP. The Adjudicating Authority directed the initiation of CIRP on November 29, 2023, and appointed Mr. Udit Agarwal as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) was formed, with Union Bank of India as a member. The RP informed the CoC that the company had no business activity and no fixed assets apart from inventories. Given the lack of financial viability and the inability to attract a suitable resolution, the RP filed an application seeking liquidation of the Corporate Applicant.
Ashoka Design LLP faced Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 29 November 2023. Udit Agarwal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, including Union Bank of India. The RP reported that the company had no business activity, no fixed assets, and limited inventories. The CoC, with 100% voting share, approved the liquidation of Ashoka Design LLP. The RP then filed an application seeking liquidation, stating that there was no scope for resolution. The Adjudicating Authority considered the application and ordered the liquidation of the Corporate Applicant, appointing Brinda Bidasaria as the Liquidator.
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The Adjudicating Authority directed the…
The first meeting of the Committee of Creditors…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Ashoka Design LLP. The Adjudicating Authority directed the initiation of CIRP on November 29, 2023, and appointed Mr. Udit Agarwal as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) was formed, with Union Bank of India as a member. The RP informed the CoC that the company had no business activity and no fixed assets apart from inventories. Given the lack of financial viability and the inability to attract a suitable resolution, the RP filed an application seeking liquidation of the Corporate Applicant.
Ashoka Design LLP faced Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 29 November 2023. Udit Agarwal was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed, including Union Bank of India. The RP reported that the company had no business activity, no fixed assets, and limited inventories. The CoC, with 100% voting share, approved the liquidation of Ashoka Design LLP. The RP then filed an application seeking liquidation, stating that there was no scope for resolution. The Adjudicating Authority considered the application and ordered the liquidation of the Corporate Applicant, appointing Brinda Bidasaria as the Liquidator.
The Adjudicating Authority directed the…
The first meeting of the Committee of Creditors…