The case involves an application filed by the Resolution Professional (RP) of M/s Drishti India Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking direction for liquidation of the Corporate Debtor. The Financial Creditor, Manish Kumar & Another, had previously filed an application under Section 7 of the Code for initiating CIRP against the Corporate Debtor, which was admitted on 01.11.2021. Priyanka Chouhan was appointed as the IRP and later confirmed as the Resolution Professional based on the recommendation of the CoC. The RP made a public announcement for invitation of claims, and the CoC decided to liquidate the Corporate Debtor due to the absence of operations and resolution plans.
Manish Kumar & Another, the Financial Creditor, initiated CIRP against M/s Drishti India Limited, the Corporate Debtor, under Section 7 of the IBC. The petition was admitted on 01.11.2021, and Priyanka Chouhan was appointed as the IRP and later confirmed as the RP. The RP made a public announcement for claims. The Corporate Debtor's primary asset is a 10-acre parcel of land in Faridabad, Haryana, registered in its name but possessed by Saj Housing Private Limited (SHPL) since 2012 under a development agreement. SHPL claimed to have invested Rs. 10 Crore in 2011 for developing the land and applied for sanctions for change of land use, obtaining NOC in June 2019. SHPL filed a claim as an operational creditor for Rs. 148,33,59,926, which was rejected by the RP as
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The petition filed by the Financial Creditor…
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The case involves an application filed by the Resolution Professional (RP) of M/s Drishti India Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking direction for liquidation of the Corporate Debtor. The Financial Creditor, Manish Kumar & Another, had previously filed an application under Section 7 of the Code for initiating CIRP against the Corporate Debtor, which was admitted on 01.11.2021. Priyanka Chouhan was appointed as the IRP and later confirmed as the Resolution Professional based on the recommendation of the CoC. The RP made a public announcement for invitation of claims, and the CoC decided to liquidate the Corporate Debtor due to the absence of operations and resolution plans.
Manish Kumar & Another, the Financial Creditor, initiated CIRP against M/s Drishti India Limited, the Corporate Debtor, under Section 7 of the IBC. The petition was admitted on 01.11.2021, and Priyanka Chouhan was appointed as the IRP and later confirmed as the RP. The RP made a public announcement for claims. The Corporate Debtor's primary asset is a 10-acre parcel of land in Faridabad, Haryana, registered in its name but possessed by Saj Housing Private Limited (SHPL) since 2012 under a development agreement. SHPL claimed to have invested Rs. 10 Crore in 2011 for developing the land and applied for sanctions for change of land use, obtaining NOC in June 2019. SHPL filed a claim as an operational creditor for Rs. 148,33,59,926, which was rejected by the RP as
…The petition filed by the Financial Creditor…
The Resolution…