The case pertains to the insolvency resolution process of Idzire Hospitality Private Limited. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor (CD) due to the lack of a viable resolution plan and negligible assets. The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Several IAs were filed and disposed of, including those related to the exclusion of a period from the CIRP process due to disciplinary actions against the IRP, the appointment of IRP as RP, and the initiation of liquidation.
Jasoda Gulliya filed an application against M/s. Idzire Hospitality Private Limited under Section 7 of the IBC, 2016, initiating the CIRP. The Corporate Debtor, Idzire Hospitality Private Limited, was found to be non-operational for the past three years. The CoC determined that there was no possibility of reviving the business and no resolution plan or expression of interest was received. The CoC voted with 100% majority to liquidate the Corporate Debtor. Mr. Manoj Kumar Singh, the initial IRP, faced disciplinary actions and was later replaced. The IBBI issued a circular discouraging the appointment of the existing IRP/RP as the liquidator in cases where the CIRP failed. The court considered this circular and appointed Mr. Ajay Gupta as the Liquidator.
Sign in to view the parties.
The period from 28.07.2021 to 07.12.2022, during…
Order dated 07.12.2022 passed in IA-3727/2021,…
The case pertains to the insolvency resolution process of Idzire Hospitality Private Limited. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor (CD) due to the lack of a viable resolution plan and negligible assets. The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Several IAs were filed and disposed of, including those related to the exclusion of a period from the CIRP process due to disciplinary actions against the IRP, the appointment of IRP as RP, and the initiation of liquidation.
Jasoda Gulliya filed an application against M/s. Idzire Hospitality Private Limited under Section 7 of the IBC, 2016, initiating the CIRP. The Corporate Debtor, Idzire Hospitality Private Limited, was found to be non-operational for the past three years. The CoC determined that there was no possibility of reviving the business and no resolution plan or expression of interest was received. The CoC voted with 100% majority to liquidate the Corporate Debtor. Mr. Manoj Kumar Singh, the initial IRP, faced disciplinary actions and was later replaced. The IBBI issued a circular discouraging the appointment of the existing IRP/RP as the liquidator in cases where the CIRP failed. The court considered this circular and appointed Mr. Ajay Gupta as the Liquidator.
The period from 28.07.2021 to 07.12.2022, during…
Order dated 07.12.2022 passed in IA-3727/2021,…