The case involves an application for the dissolution of Ellenbarrie Exim Limited, a corporate debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated pursuant to an order dated April 30, 2024, and a Resolution Professional was appointed. Despite publishing Form G twice, no Expression of Interest (EoI) was received. The Committee of Creditors (CoC) decided against further publication of Form G and opted for liquidation due to the debtor's inoperative status and lack of assets.
Ellenbarrie Exim Limited was subjected to Corporate Insolvency Resolution Process (CIRP) following an order on 2024-04-30. A Resolution Professional was appointed. Despite two publications of Form G, no Expression of Interest (EoI) was received. The company was found to be inoperative with virtually no assets, leading the CoC to decide against further Form G publications and to pursue liquidation. The 5th CoC meeting decided on 2024-10-21 that the corporate debtor could be directly dissolved without liquidation. The corporate debtor had stopped functioning from the financial year 2009-2010, had no other business relationships, and possessed no fixed assets for dissolution/liquidation. The debtor had a bank account with a balance of Rs. 89,081, marked as lien by Income
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The case involves an application for the dissolution of Ellenbarrie Exim Limited, a corporate debtor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated pursuant to an order dated April 30, 2024, and a Resolution Professional was appointed. Despite publishing Form G twice, no Expression of Interest (EoI) was received. The Committee of Creditors (CoC) decided against further publication of Form G and opted for liquidation due to the debtor's inoperative status and lack of assets.
Ellenbarrie Exim Limited was subjected to Corporate Insolvency Resolution Process (CIRP) following an order on 2024-04-30. A Resolution Professional was appointed. Despite two publications of Form G, no Expression of Interest (EoI) was received. The company was found to be inoperative with virtually no assets, leading the CoC to decide against further Form G publications and to pursue liquidation. The 5th CoC meeting decided on 2024-10-21 that the corporate debtor could be directly dissolved without liquidation. The corporate debtor had stopped functioning from the financial year 2009-2010, had no other business relationships, and possessed no fixed assets for dissolution/liquidation. The debtor had a bank account with a balance of Rs. 89,081, marked as lien by Income
…Order passed by the Bench to initiate the…
Decision made in the 5th CoC meeting to…