The case involves an application filed under Section 33(1)(b)(i) to (iii) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, IBD Universal Pvt Ltd Corporate Guarantor of M/s. NIIL Infrastructure Private Limited Principal Borrower. The Committee of Creditors (CoC) approved the liquidation with a 100% vote share. The Resolution Professional (RP) informed the tribunal that the CIRP timeline had expired, necessitating liquidation. The RP also drew attention to an interim order by the High Court of Karnataka regarding the RP's continuation as liquidator.
The Corporate Debtor, IBD Universal Pvt Ltd Corporate Guarantor of M/s. NIIL Infrastructure Private Limited Principal Borrower, underwent a Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved a resolution for liquidation with a 100% vote share. The Resolution Professional (RP) informed the tribunal that the CIRP timeline had expired. Only one resolution plan was submitted by M/s Tanya Construction in consortium with M/s Rajendra Singh Kiledar Construction Pvt Ltd, but the CoC deemed the offered amount too low. The Corporate Debtor has multiple projects, including IBD Royale, IBD Hallmark Citii, IBD- Total Glory Citii, and IBD Kings Park, with varying statuses of construction and mortgage. The RP drew attention to an interim order
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The Committee of…
The Financial Creditors noted the minutes of…
The case involves an application filed under Section 33(1)(b)(i) to (iii) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, IBD Universal Pvt Ltd Corporate Guarantor of M/s. NIIL Infrastructure Private Limited Principal Borrower. The Committee of Creditors (CoC) approved the liquidation with a 100% vote share. The Resolution Professional (RP) informed the tribunal that the CIRP timeline had expired, necessitating liquidation. The RP also drew attention to an interim order by the High Court of Karnataka regarding the RP's continuation as liquidator.
The Corporate Debtor, IBD Universal Pvt Ltd Corporate Guarantor of M/s. NIIL Infrastructure Private Limited Principal Borrower, underwent a Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved a resolution for liquidation with a 100% vote share. The Resolution Professional (RP) informed the tribunal that the CIRP timeline had expired. Only one resolution plan was submitted by M/s Tanya Construction in consortium with M/s Rajendra Singh Kiledar Construction Pvt Ltd, but the CoC deemed the offered amount too low. The Corporate Debtor has multiple projects, including IBD Royale, IBD Hallmark Citii, IBD- Total Glory Citii, and IBD Kings Park, with varying statuses of construction and mortgage. The RP drew attention to an interim order
…The Committee of…
The Financial Creditors noted the minutes of…