The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd. The Corporate Debtor had initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, which was admitted on October 28, 2022. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The CoC, in its second meeting, decided to replace the IRP and appoint Mrs. Meena Sureka as the Resolution Professional (RP). The erstwhile IRP had placed a draft copy of invitation of Expression of Interest for resolution plan in the Second CoC meeting. However, the CoC was of the opinion that since all the tangible assets of the
…Brahmaputra TMT Bars Pvt. Ltd. initiated CIRP under Section 10 of IBC. The application was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as IRP. The CoC was formed and decided to replace Mr. Agarwalla with Mrs. Meena Sureka as RP. The CoC determined that all tangible assets of the Corporate Debtor had been sold under the SARFAESI Act. Consequently, the CoC decided against pursuing a resolution plan and opted for liquidation under Section 33(2) of the IBC. The CoC voted with 100% approval for liquidation. Mrs. Meena Sureka was appointed as RP and subsequently as Liquidator. The Adjudicating Authority considered the CoC's decision and the provisions of Section 33(2) of the IBC. The CoC recommended that the sale of CD should be a going concern.
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The application under Section 10 of the IBC…
The Committee of Creditors (CoC) decided to…
The case involves an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd. The Corporate Debtor had initiated the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, which was admitted on October 28, 2022. An Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). The CoC, in its second meeting, decided to replace the IRP and appoint Mrs. Meena Sureka as the Resolution Professional (RP). The erstwhile IRP had placed a draft copy of invitation of Expression of Interest for resolution plan in the Second CoC meeting. However, the CoC was of the opinion that since all the tangible assets of the
…Brahmaputra TMT Bars Pvt. Ltd. initiated CIRP under Section 10 of IBC. The application was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as IRP. The CoC was formed and decided to replace Mr. Agarwalla with Mrs. Meena Sureka as RP. The CoC determined that all tangible assets of the Corporate Debtor had been sold under the SARFAESI Act. Consequently, the CoC decided against pursuing a resolution plan and opted for liquidation under Section 33(2) of the IBC. The CoC voted with 100% approval for liquidation. Mrs. Meena Sureka was appointed as RP and subsequently as Liquidator. The Adjudicating Authority considered the CoC's decision and the provisions of Section 33(2) of the IBC. The CoC recommended that the sale of CD should be a going concern.
The application under Section 10 of the IBC…
The Committee of Creditors (CoC) decided to…