The case involves an application filed by the Resolution Professional, Mr. Anup Sood, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the liquidation process against the Corporate Debtor, Basic India Limited. Initially, an application was filed by the Financial Creditor, Bank of India, under Section 7 of IBC for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 12.10.2018, and Mr. Anup Sood was appointed as the Interim Resolution Professional (IRP).
The Financial Creditor, Bank of India, initiated CIRP against the Corporate Debtor, Basic India Limited, under Section 7 of IBC. The application was admitted on 2018-10-12, and Mr. Anup Sood was appointed as the Interim Resolution Professional (IRP). Seven Expressions of Interest (EoIs) were received, but only one Prospective Resolution Applicant (PRA), M/s. Jatalia Global Ventures, qualified. However, no resolution plan was received from the PRA within the stipulated time. The Committee of Creditors (CoC) approved the liquidation process with a 100% vote in the 8th CoC Meeting held on 2019-05-29. The Ex-Managing Director, Mr. Athar Zia, objected to the liquidation, alleging bias on the part of the Resolution Professional and deliberate pushing of the Corporate Debtor
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Application under…
Applicant took…
The case involves an application filed by the Resolution Professional, Mr. Anup Sood, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the liquidation process against the Corporate Debtor, Basic India Limited. Initially, an application was filed by the Financial Creditor, Bank of India, under Section 7 of IBC for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 12.10.2018, and Mr. Anup Sood was appointed as the Interim Resolution Professional (IRP).
The Financial Creditor, Bank of India, initiated CIRP against the Corporate Debtor, Basic India Limited, under Section 7 of IBC. The application was admitted on 2018-10-12, and Mr. Anup Sood was appointed as the Interim Resolution Professional (IRP). Seven Expressions of Interest (EoIs) were received, but only one Prospective Resolution Applicant (PRA), M/s. Jatalia Global Ventures, qualified. However, no resolution plan was received from the PRA within the stipulated time. The Committee of Creditors (CoC) approved the liquidation process with a 100% vote in the 8th CoC Meeting held on 2019-05-29. The Ex-Managing Director, Mr. Athar Zia, objected to the liquidation, alleging bias on the part of the Resolution Professional and deliberate pushing of the Corporate Debtor
…Application under…
Applicant took…