The case pertains to the liquidation of a Corporate Debtor, with the issue of notice to ex-directors/suspended Board of Directors and Members of SCC. The order clarifies that if the Corporate Debtor lacks funds, the creditors are liable for the liquidation costs. It references Regulation 2A of the IBBI (Liquidation Process) Regulations, 2016, which deals with contributions to liquidation costs. The order also discusses the contributions made under sub-regulation (3) of regulation 39B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The case involves the liquidation of a Corporate Debtor, Concept Group. The Corporate Debtor lacks sufficient funds to cover liquidation costs. The Insolvency and Bankruptcy Board of India (IBBI) (Liquidation Process) Regulations, 2016, specifically Regulation 2A, addresses the contributions to liquidation costs. The committee of creditors did not approve a plan under sub-regulations (3) of regulation 39B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The liquidator is instructed to call upon the financial creditors to contribute the excess of the liquidation costs over the liquid assets of the corporate debtor. The contributions made under the plan approved under sub-regulation (3) of regulation
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The case pertains to the liquidation of a Corporate Debtor, with the issue of notice to ex-directors/suspended Board of Directors and Members of SCC. The order clarifies that if the Corporate Debtor lacks funds, the creditors are liable for the liquidation costs. It references Regulation 2A of the IBBI (Liquidation Process) Regulations, 2016, which deals with contributions to liquidation costs. The order also discusses the contributions made under sub-regulation (3) of regulation 39B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The case involves the liquidation of a Corporate Debtor, Concept Group. The Corporate Debtor lacks sufficient funds to cover liquidation costs. The Insolvency and Bankruptcy Board of India (IBBI) (Liquidation Process) Regulations, 2016, specifically Regulation 2A, addresses the contributions to liquidation costs. The committee of creditors did not approve a plan under sub-regulations (3) of regulation 39B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The liquidator is instructed to call upon the financial creditors to contribute the excess of the liquidation costs over the liquid assets of the corporate debtor. The contributions made under the plan approved under sub-regulation (3) of regulation
…Order delivered on…
Case listed on…