The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) of Borkar Colorpacks Private Limited, seeking a liquidation order. The Committee of Creditors (CoC) had resolved to liquidate the Corporate Debtor in its 4th meeting held on April 1, 2021. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Shree Agencies under Section 9 of the Code. During the CIRP, issues arose regarding the availability of the Corporate Debtor's assets and the submission of a resolution plan.
Shree Agencies initiated Corporate Insolvency Resolution Process (CIRP) against Borkar Colorpacks Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). CA Ajay Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted a Committee of Creditors (CoC) with Saraswat Co-operative Bank Ltd as the sole financial creditor. The CoC, in its first meeting, decided to appoint Mr. Mangesh Kekre as the Resolution Professional. The Financial Creditor had taken over the Corporate Debtor under the SARFAESI Act before the CIRP initiation, but no assets were found during the takeover. The IRP prepared an Information Memorandum and invited Expression of Interests (EOI), but the sole Prospective Resolution
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The Adjudicating Authority admitted the…
The IRP made a public announcement regarding the…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) of Borkar Colorpacks Private Limited, seeking a liquidation order. The Committee of Creditors (CoC) had resolved to liquidate the Corporate Debtor in its 4th meeting held on April 1, 2021. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Shree Agencies under Section 9 of the Code. During the CIRP, issues arose regarding the availability of the Corporate Debtor's assets and the submission of a resolution plan.
Shree Agencies initiated Corporate Insolvency Resolution Process (CIRP) against Borkar Colorpacks Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). CA Ajay Agrawal was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted a Committee of Creditors (CoC) with Saraswat Co-operative Bank Ltd as the sole financial creditor. The CoC, in its first meeting, decided to appoint Mr. Mangesh Kekre as the Resolution Professional. The Financial Creditor had taken over the Corporate Debtor under the SARFAESI Act before the CIRP initiation, but no assets were found during the takeover. The IRP prepared an Information Memorandum and invited Expression of Interests (EOI), but the sole Prospective Resolution
…The Adjudicating Authority admitted the…
The IRP made a public announcement regarding the…