The case involves the insolvency resolution of Idzire Hospitality Private Limited under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor (CD) due to the lack of a viable resolution plan and the absence of business operations for the past three years. Several Interlocutory Applications (IAs) were filed and disposed of, including those related to the exclusion of a period from the CIRP process due to the IRP's disciplinary action, the appointment of a Resolution Professional (RP), and the initiation of liquidation. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular stating that the IRP/RP should not be appointed as liquidator when the CD goes into liquidation.
Jasoda Gulliya filed an application against Idzire Hospitality Private Limited under Section 7 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had not been in operation for the last three years. No resolution plan or expression of interest was received from any prospective resolution applicant. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with a 100% vote share. An application was filed by the Ex-IRP, Mr. Manoj Kumar Singh, to be released from his assignment due to disciplinary proceedings by the IBBI. The IBBI issued a circular stating that the IRP/RP should not be appointed as liquidator when the CD goes into liquidation. The CoC passed a resolution to appoint Mr. Suman Kumar Verma
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The period from 28.07.2021 to 07.12.2022, during…
Order dated 07.12.2022 passed in IA-3727/2021,…
The case involves the insolvency resolution of Idzire Hospitality Private Limited under the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor (CD) due to the lack of a viable resolution plan and the absence of business operations for the past three years. Several Interlocutory Applications (IAs) were filed and disposed of, including those related to the exclusion of a period from the CIRP process due to the IRP's disciplinary action, the appointment of a Resolution Professional (RP), and the initiation of liquidation. The Insolvency and Bankruptcy Board of India (IBBI) issued a circular stating that the IRP/RP should not be appointed as liquidator when the CD goes into liquidation.
Jasoda Gulliya filed an application against Idzire Hospitality Private Limited under Section 7 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had not been in operation for the last three years. No resolution plan or expression of interest was received from any prospective resolution applicant. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor with a 100% vote share. An application was filed by the Ex-IRP, Mr. Manoj Kumar Singh, to be released from his assignment due to disciplinary proceedings by the IBBI. The IBBI issued a circular stating that the IRP/RP should not be appointed as liquidator when the CD goes into liquidation. The CoC passed a resolution to appoint Mr. Suman Kumar Verma
…The period from 28.07.2021 to 07.12.2022, during…
Order dated 07.12.2022 passed in IA-3727/2021,…