The case involves a corporate debtor, Dreams Construction Pune Private Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 03.02.2023. The applicant, in charge of the CIRP affairs, invited resolution plans but received none despite issuing two Expressions of Interest (EOIs). Subsequently, the Committee of Creditors (CoC) decided to publish a second EOI, after which the applicant received two EOIs. The Tribunal granted a 90-day extension of the CIRP on 11.08.2023, but no resolution plan was received even after the second EOI. During a CoC meeting on 28.10.2023, the CoC resolved for the liquidation of the corporate debtor as per Section 33 of the Insolvency and Bankruptcy Code (IBC). The applicant expressed unwillingness
…Dreams Construction Pune Private Limited was admitted into CIRP on 03.02.2023. The applicant, in charge of CIRP, invited resolution plans but received none despite two EOIs. The Tribunal extended CIRP by 90 days on 11.08.2023, but no resolution plan was received. On 28.10.2023, the CoC resolved for liquidation under Section 33 of the IBC. The applicant expressed unwillingness to continue as liquidator, and the CoC lacked consent for another insolvency professional. The CoC passed a resolution for the Bench to appoint a liquidator from its panel as per Section 34 of the Code. The Tribunal appointed Mr. Vijendra Kumar Jain as the liquidator. IA 5296/2023, related to the liquidation application, was allowed. IA 1899/2023, filed under Section 19(2) of the Code, was
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Dreams Construction Pune Private Limited was…
The Tribunal g…
The case involves a corporate debtor, Dreams Construction Pune Private Limited, which was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 03.02.2023. The applicant, in charge of the CIRP affairs, invited resolution plans but received none despite issuing two Expressions of Interest (EOIs). Subsequently, the Committee of Creditors (CoC) decided to publish a second EOI, after which the applicant received two EOIs. The Tribunal granted a 90-day extension of the CIRP on 11.08.2023, but no resolution plan was received even after the second EOI. During a CoC meeting on 28.10.2023, the CoC resolved for the liquidation of the corporate debtor as per Section 33 of the Insolvency and Bankruptcy Code (IBC). The applicant expressed unwillingness
…Dreams Construction Pune Private Limited was admitted into CIRP on 03.02.2023. The applicant, in charge of CIRP, invited resolution plans but received none despite two EOIs. The Tribunal extended CIRP by 90 days on 11.08.2023, but no resolution plan was received. On 28.10.2023, the CoC resolved for liquidation under Section 33 of the IBC. The applicant expressed unwillingness to continue as liquidator, and the CoC lacked consent for another insolvency professional. The CoC passed a resolution for the Bench to appoint a liquidator from its panel as per Section 34 of the Code. The Tribunal appointed Mr. Vijendra Kumar Jain as the liquidator. IA 5296/2023, related to the liquidation application, was allowed. IA 1899/2023, filed under Section 19(2) of the Code, was
…Dreams Construction Pune Private Limited was…
The Tribunal g…