The case involves an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, GPR Resources Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 2021-11-01. Several CoC meetings were held, and ultimately, the CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The Resolution Professional (RP) filed an application for liquidation as the CIRP could not progress due to non-cooperation from the Corporate Debtor's management and unavailability of records.
The Corporate Insolvency Resolution Process (CIRP) for GPR Resources Private Limited commenced on 2021-11-01. Ms. Seetha Thelagar was appointed as the IRP. The Committee of Creditors (CoC) included State Bank of India (93.87% voting share), Hinduja Leyland Finance Limited (5.15%), and Deutsche Bank AG (0.98%). Several CoC meetings were held. The RP was replaced by J.Karthiga. The RP informed the CoC that she could not ascertain possession of any asset of any kind with the Corporate Debtor and the CIRP of the Corporate Debtor has not progressed as per the scheme of the Code. The CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The extended period of CIRP expired on 2022-08-29. The RP filed an application under Section 33 of the Code for
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Corporate Insolvency Resolution Process…
Ms. Seetha Thel…
The case involves an application filed under Section 33(1)(a), 33(2) & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, GPR Resources Private Limited. The Corporate Insolvency Resolution Process (CIRP) commenced on 2021-11-01. Several CoC meetings were held, and ultimately, the CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The Resolution Professional (RP) filed an application for liquidation as the CIRP could not progress due to non-cooperation from the Corporate Debtor's management and unavailability of records.
The Corporate Insolvency Resolution Process (CIRP) for GPR Resources Private Limited commenced on 2021-11-01. Ms. Seetha Thelagar was appointed as the IRP. The Committee of Creditors (CoC) included State Bank of India (93.87% voting share), Hinduja Leyland Finance Limited (5.15%), and Deutsche Bank AG (0.98%). Several CoC meetings were held. The RP was replaced by J.Karthiga. The RP informed the CoC that she could not ascertain possession of any asset of any kind with the Corporate Debtor and the CIRP of the Corporate Debtor has not progressed as per the scheme of the Code. The CoC resolved with a 93.87% voting majority to liquidate the Corporate Debtor. The extended period of CIRP expired on 2022-08-29. The RP filed an application under Section 33 of the Code for
…Corporate Insolvency Resolution Process…
Ms. Seetha Thel…