The case involves an application (I.A. No. 737/2023) filed by the Resolution Professional, Mr. Dinesh Kumar Aggarwal, seeking liquidation of GAMBS India Private Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by ICICI Bank Limited. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the Committee of Creditors (CoC). However, the stay was later vacated due to the Corporate Debtor's failure to make promised payments.
The Resolution Professional, Mr. Dinesh Kumar Aggarwal, filed an application seeking liquidation of GAMBS India Private Limited. The CIRP was initiated after ICICI Bank Limited filed a petition under Section 7 of the IBC. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the CoC but later vacated the stay. The Resolution Professional received an EOI from M/s Kundan Care Products Limited, but the resolution plan was rejected by the CoC. Fresh FORM-G was published, leading to the receipt of two resolution plans, which were also rejected by the CoC due to lower value. The CoC passed a resolution for liquidation due to the non-receipt of viable resolution plans. The Corporate Debtor's only asset is a commercial
…Sign in to view the parties.
Filing of C…
Tribunal order…
The case involves an application (I.A. No. 737/2023) filed by the Resolution Professional, Mr. Dinesh Kumar Aggarwal, seeking liquidation of GAMBS India Private Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by ICICI Bank Limited. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the Committee of Creditors (CoC). However, the stay was later vacated due to the Corporate Debtor's failure to make promised payments.
The Resolution Professional, Mr. Dinesh Kumar Aggarwal, filed an application seeking liquidation of GAMBS India Private Limited. The CIRP was initiated after ICICI Bank Limited filed a petition under Section 7 of the IBC. The Corporate Debtor challenged the admission order before the NCLAT, which initially stayed the constitution of the CoC but later vacated the stay. The Resolution Professional received an EOI from M/s Kundan Care Products Limited, but the resolution plan was rejected by the CoC. Fresh FORM-G was published, leading to the receipt of two resolution plans, which were also rejected by the CoC due to lower value. The CoC passed a resolution for liquidation due to the non-receipt of viable resolution plans. The Corporate Debtor's only asset is a commercial
…Filing of C…
Tribunal order…