The case involves an application (IA No. 53/JPR/2021) filed by the Resolution Professional (RP) of Digicontrols Northern Private Ltd under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order against the Corporate Debtor, Digicontrols Northern Private Ltd. The Adjudicating Authority had previously admitted an application filed by Eltech Electro-Controls Private Limited under Section 9 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Ranjeet Kumar Verma as Interim Resolution Professional (IRP).
M/s. Eltech Electro-Controls Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Digicontrols Northern Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 11.10.2019. Mr. Ranjeet Kumar Verma was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), which unanimously appointed the IRP as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) for submitting a resolution plan, but no EOIs or resolution plans were received. In the 4th CoC meeting held on 06.03.2020, the RP proposed the liquidation of the Corporate Debtor, which was approved by a majority vote of not less than 66%. The RP then filed an
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The case involves an application (IA No. 53/JPR/2021) filed by the Resolution Professional (RP) of Digicontrols Northern Private Ltd under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking a liquidation order against the Corporate Debtor, Digicontrols Northern Private Ltd. The Adjudicating Authority had previously admitted an application filed by Eltech Electro-Controls Private Limited under Section 9 of the Code for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appointed Mr. Ranjeet Kumar Verma as Interim Resolution Professional (IRP).
M/s. Eltech Electro-Controls Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Digicontrols Northern Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 11.10.2019. Mr. Ranjeet Kumar Verma was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC), which unanimously appointed the IRP as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) for submitting a resolution plan, but no EOIs or resolution plans were received. In the 4th CoC meeting held on 06.03.2020, the RP proposed the liquidation of the Corporate Debtor, which was approved by a majority vote of not less than 66%. The RP then filed an
…Application under…
The 1st meetin…