The case pertains to an application filed by the liquidator of Excel Glasses Limited under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The liquidator sought permission to sell the Corporate Debtor (Excel Glasses Limited) as a going concern, in accordance with Regulation 32A of the Liquidation Process Regulations, 2016, and as per the E-Auction process Memorandum approved by the SCC (Stakeholders Consultation Committee). The Insolvency Resolution Process of the Corporate Debtor was initiated on March 26, 2019, by the NCLT Chennai Bench. During the CIRP, the Committee of Creditors decided to liquidate the Corporate Debtor due to the absence of a resolution plan. An application was filed under Section
…The Corporate Debtor, Excel Glasses Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Chennai Bench on March 26, 2019, due to a petition filed under IBA/258/CB/2019. Boon Investment and Trading Company Private Limited was the Financial Creditor. As no resolution plan was received, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor during their 4th meeting on August 21, 2019. Consequently, the Tribunal ordered liquidation on October 21, 2019, and appointed a liquidator. The liquidator made a public announcement on October 24, 2019, and received claims from employees/workmen and other creditors. The Corporate Debtor had six blocks of assets, which were available for liquidation. The liquidator
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NCLT Chennai Bench…
The Committee of Creditors unanimously agreed…
The case pertains to an application filed by the liquidator of Excel Glasses Limited under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The liquidator sought permission to sell the Corporate Debtor (Excel Glasses Limited) as a going concern, in accordance with Regulation 32A of the Liquidation Process Regulations, 2016, and as per the E-Auction process Memorandum approved by the SCC (Stakeholders Consultation Committee). The Insolvency Resolution Process of the Corporate Debtor was initiated on March 26, 2019, by the NCLT Chennai Bench. During the CIRP, the Committee of Creditors decided to liquidate the Corporate Debtor due to the absence of a resolution plan. An application was filed under Section
…The Corporate Debtor, Excel Glasses Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by the NCLT Chennai Bench on March 26, 2019, due to a petition filed under IBA/258/CB/2019. Boon Investment and Trading Company Private Limited was the Financial Creditor. As no resolution plan was received, the Committee of Creditors (CoC) unanimously resolved to liquidate the Corporate Debtor during their 4th meeting on August 21, 2019. Consequently, the Tribunal ordered liquidation on October 21, 2019, and appointed a liquidator. The liquidator made a public announcement on October 24, 2019, and received claims from employees/workmen and other creditors. The Corporate Debtor had six blocks of assets, which were available for liquidation. The liquidator
…NCLT Chennai Bench…
The Committee of Creditors unanimously agreed…