The case involves applications IA-6451/2023 and IA-5461/2023 in the matter of Bhotika Trade & Services Pvt. Ltd. versus Avinash EM Projects Private Limited. IA-5461/2023 was filed by Sudhir Kumar Awasthi, the Suspended Director, seeking the return of third-party goods and machinery located at the Corporate Debtor's premises. IA-6451/2023 pertains to the resolution professional seeking liquidation of the corporate debtor, based on a decision by the Committee of Creditors (CoC). The CoC voted with 75.96% share to initiate liquidation, rejecting a prior resolution for publication of Form G. The Adjudicating Authority is considering the liquidation application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016.
Bhotika Trade & Services Pvt. Ltd. is the Operational Creditor, while Avinash EM Projects Private Limited is the Corporate Debtor. Sudhir Kumar Awasthi, the Suspended Director, filed IA-5461/2023 seeking the return of third-party goods and machinery. The Committee of Creditors (CoC) rejected the resolution for publication of Form G. In the 4th CoC meeting held on 2023-11-18, the CoC passed a resolution with 75.96% vote share to initiate liquidation of the Corporate Debtor. The Resolution Professional (RP) placed the agenda for Form G issuance before the CoC, which was rejected. An earlier NCLAT order in Company Appeal (AT) (Insolvency) No. 1540 of 2022, 'Hero Fincorp Limited versus M/s Hema Automotive Private Limited', directed the CoC to reconsider its decision,
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The Committee of Creditors (CoC) passed a…
The agenda for issuance of Form G and inviting…
The case involves applications IA-6451/2023 and IA-5461/2023 in the matter of Bhotika Trade & Services Pvt. Ltd. versus Avinash EM Projects Private Limited. IA-5461/2023 was filed by Sudhir Kumar Awasthi, the Suspended Director, seeking the return of third-party goods and machinery located at the Corporate Debtor's premises. IA-6451/2023 pertains to the resolution professional seeking liquidation of the corporate debtor, based on a decision by the Committee of Creditors (CoC). The CoC voted with 75.96% share to initiate liquidation, rejecting a prior resolution for publication of Form G. The Adjudicating Authority is considering the liquidation application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016.
Bhotika Trade & Services Pvt. Ltd. is the Operational Creditor, while Avinash EM Projects Private Limited is the Corporate Debtor. Sudhir Kumar Awasthi, the Suspended Director, filed IA-5461/2023 seeking the return of third-party goods and machinery. The Committee of Creditors (CoC) rejected the resolution for publication of Form G. In the 4th CoC meeting held on 2023-11-18, the CoC passed a resolution with 75.96% vote share to initiate liquidation of the Corporate Debtor. The Resolution Professional (RP) placed the agenda for Form G issuance before the CoC, which was rejected. An earlier NCLAT order in Company Appeal (AT) (Insolvency) No. 1540 of 2022, 'Hero Fincorp Limited versus M/s Hema Automotive Private Limited', directed the CoC to reconsider its decision,
…The Committee of Creditors (CoC) passed a…
The agenda for issuance of Form G and inviting…