The case pertains to an application filed for the liquidation of the Corporate Debtor, Good Value Marketing Co Limited, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was initially placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution possibilities. However, due to the absence of any viable resolution plan and the company's continued losses, the CoC unanimously decided to liquidate the Corporate Debtor.
The Corporate Debtor, Good Value Marketing Co Limited, was placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The first CoC meeting was held on 2019-02-18, where the IRP expressed his ability to continue as Resolution Professional. In the second CoC meeting on 2019-12-17, it was decided to call for registered valuers for valuation of assets. The third CoC meeting on 2019-06-10 revealed that no Expressions of Interest (EOI) were received despite publications on 2019-04-17 and 2019-05-03. The CoC approved the appointment of two Registered Valuers. In the fourth CoC meeting on 2019-07-12, the CoC was informed that the 180-day period would expire on
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Corporate Debtor placed under CIRP vide order…
The Applicant Resolution Professional…
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The case pertains to an application filed for the liquidation of the Corporate Debtor, Good Value Marketing Co Limited, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was initially placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The Committee of Creditors (CoC) was formed, and several meetings were held to explore resolution possibilities. However, due to the absence of any viable resolution plan and the company's continued losses, the CoC unanimously decided to liquidate the Corporate Debtor.
The Corporate Debtor, Good Value Marketing Co Limited, was placed under CIRP on 2018-12-28 following an application under Section 7 of the IBC by the Financial Creditor, Sudam A. Karande. Mr. Manoj Jain was appointed as the IRP. The first CoC meeting was held on 2019-02-18, where the IRP expressed his ability to continue as Resolution Professional. In the second CoC meeting on 2019-12-17, it was decided to call for registered valuers for valuation of assets. The third CoC meeting on 2019-06-10 revealed that no Expressions of Interest (EOI) were received despite publications on 2019-04-17 and 2019-05-03. The CoC approved the appointment of two Registered Valuers. In the fourth CoC meeting on 2019-07-12, the CoC was informed that the 180-day period would expire on
…Corporate Debtor placed under CIRP vide order…
The Applicant Resolution Professional…
Sign in to view related legal provisions.