The case involves an application for the dissolution of IDT Clothing Private Limited, a corporate debtor, which was undergoing liquidation under Section 54 of the Insolvency and Bankruptcy Code, 2016. The company was engaged in textile production but closed its unit in 2020. It was admitted into CIRP on 28.01.2019 following an application by an operational creditor. The applicant, Mr. Manoj Kumar Mishra, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Despite inviting expressions of interest, no revival plan materialized, leading the Committee of Creditors (CoC) to recommend liquidation.
IDT Clothing Private Limited, a textile production company, ceased operations in 2020. An operational creditor initiated Corporate Insolvency Resolution Process (CIRP), leading to the appointment of Mr. Manoj Kumar Mishra as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC), consisting solely of State Bank of India, decided against extending the CIRP period due to a lack of interest in reviving the company and recommended liquidation. The company was ordered to be liquidated on 16.12.2019. Public announcements were made to invite claims from stakeholders. The Stakeholders Consultation Committee (SCC) was formed, including State Bank of India, Arjun Radheshyam Gupta, and the Income Tax Officer. The
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The Corporate Debtor's…
The Corporate Debtor…
The case involves an application for the dissolution of IDT Clothing Private Limited, a corporate debtor, which was undergoing liquidation under Section 54 of the Insolvency and Bankruptcy Code, 2016. The company was engaged in textile production but closed its unit in 2020. It was admitted into CIRP on 28.01.2019 following an application by an operational creditor. The applicant, Mr. Manoj Kumar Mishra, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. Despite inviting expressions of interest, no revival plan materialized, leading the Committee of Creditors (CoC) to recommend liquidation.
IDT Clothing Private Limited, a textile production company, ceased operations in 2020. An operational creditor initiated Corporate Insolvency Resolution Process (CIRP), leading to the appointment of Mr. Manoj Kumar Mishra as the Interim Resolution Professional (IRP) and later as the Resolution Professional. The Committee of Creditors (CoC), consisting solely of State Bank of India, decided against extending the CIRP period due to a lack of interest in reviving the company and recommended liquidation. The company was ordered to be liquidated on 16.12.2019. Public announcements were made to invite claims from stakeholders. The Stakeholders Consultation Committee (SCC) was formed, including State Bank of India, Arjun Radheshyam Gupta, and the Income Tax Officer. The
…The Corporate Debtor's…
The Corporate Debtor…