The case involves an application for the initiation of liquidation proceedings against Goel Jewelery & Mart Private Limited. The Resolution Professional submitted an application under Regulation 17(1) of IBBI Regulations, 2016, to record the reconstitution of the Committee of Creditors (CoC). The CoC initially comprised one Operational Creditor, but after the claim of Kotak Mahindra Bank was collated, the Operational Creditor was replaced by the Financial Creditor. The reconstituted CoC consists of only one Financial Creditor, Kotak Mahindra Bank. Form-G was issued twice, but no resolution could be achieved. The CoC decided with 100% voting to opt for liquidation of the Corporate Debtor and to engage Mr. Arvind Mittal as Liquidator.
Nipun Jain initiated insolvency proceedings against Goel Jewelery & Mart Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a Resolution Professional was appointed. The Committee of Creditors (CoC) was formed, initially comprising one Operational Creditor. Subsequently, Kotak Mahindra Bank's claim was collated, replacing the Operational Creditor with a Financial Creditor. The reconstituted CoC consisted of only Kotak Mahindra Bank. Despite issuing Form-G twice, no resolution plan was achieved. 270 days had lapsed since the commencement of CIRP on 06.02.2023. The CoC voted with 100% majority to opt for liquidation of the Corporate Debtor. Mr. Arvind Mittal was appointed as the Liquidator, and his fee was determined. He also
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270 days had already lapsed since the…
The order for liquidation was delivered,…
The case involves an application for the initiation of liquidation proceedings against Goel Jewelery & Mart Private Limited. The Resolution Professional submitted an application under Regulation 17(1) of IBBI Regulations, 2016, to record the reconstitution of the Committee of Creditors (CoC). The CoC initially comprised one Operational Creditor, but after the claim of Kotak Mahindra Bank was collated, the Operational Creditor was replaced by the Financial Creditor. The reconstituted CoC consists of only one Financial Creditor, Kotak Mahindra Bank. Form-G was issued twice, but no resolution could be achieved. The CoC decided with 100% voting to opt for liquidation of the Corporate Debtor and to engage Mr. Arvind Mittal as Liquidator.
Nipun Jain initiated insolvency proceedings against Goel Jewelery & Mart Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a Resolution Professional was appointed. The Committee of Creditors (CoC) was formed, initially comprising one Operational Creditor. Subsequently, Kotak Mahindra Bank's claim was collated, replacing the Operational Creditor with a Financial Creditor. The reconstituted CoC consisted of only Kotak Mahindra Bank. Despite issuing Form-G twice, no resolution plan was achieved. 270 days had lapsed since the commencement of CIRP on 06.02.2023. The CoC voted with 100% majority to opt for liquidation of the Corporate Debtor. Mr. Arvind Mittal was appointed as the Liquidator, and his fee was determined. He also
…270 days had already lapsed since the…
The order for liquidation was delivered,…