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 previously filed an application 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 decided to replace the IRP and appoint Mrs. Meena Sureka as Resolution Professional. The CoC determined that liquidation was the best course of action since the tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act. The Resolution Professional then filed an application for liquidation.
The Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) after an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC). The CoC decided to replace Mr. Manish Agarwalla with Mrs. Meena Sureka as the Resolution Professional (RP). The CoC determined that liquidation was the most appropriate course of action because all tangible assets of the Corporate Debtor had already been sold out by the CoC members under the SARFAESI Act. The CoC voted with 100% approval for the liquidation of the Corporate Debtor. Mrs. Meena Sureka, the Resolution
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Application under…
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 previously filed an application 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 decided to replace the IRP and appoint Mrs. Meena Sureka as Resolution Professional. The CoC determined that liquidation was the best course of action since the tangible assets of the Corporate Debtor had already been sold under the SARFAESI Act. The Resolution Professional then filed an application for liquidation.
The Corporate Debtor, Brahmaputra TMT Bars Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) after an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) was admitted on October 28, 2022. Mr. Manish Agarwalla was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC). The CoC decided to replace Mr. Manish Agarwalla with Mrs. Meena Sureka as the Resolution Professional (RP). The CoC determined that liquidation was the most appropriate course of action because all tangible assets of the Corporate Debtor had already been sold out by the CoC members under the SARFAESI Act. The CoC voted with 100% approval for the liquidation of the Corporate Debtor. Mrs. Meena Sureka, the Resolution
…Application under…
The Committee of Creditors (CoC) decided to…