The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, M/s Ila Metals Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the Code by an Operational Creditor, M/s Somani Multibiz Private Limited. The Adjudicating Authority admitted the Corporate Debtor into CIRP. The Interim Resolution Professional (IRP), Shivkumar Madanlal Baser, made a public announcement regarding the CIRP initiation. Several meetings of the Committee of Creditors (CoC) were convened. The CoC ultimately decided to liquidate the Corporate Debtor due to the absence of assets. The IRP filed the present application for liquidation.
M/s Ila Metals Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by an Operational Creditor, M/s Somani Multibiz Private Limited. Shivkumar Madanlal Baser was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement regarding the initiation of CIRP. The last date for submission of claims was 20.02.2023. The IRP received a claim from one operational creditor for Rs. 1,79,24,908.30. Several meetings of the Committee of Creditors (CoC) were convened. The CoC was of the opinion to directly go for liquidation of the Corporate Debtor as there were no assets with the Corporate Debtor. The 6th, 7th and 8th CoC meetings could not
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The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, M/s Ila Metals Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 9 of the Code by an Operational Creditor, M/s Somani Multibiz Private Limited. The Adjudicating Authority admitted the Corporate Debtor into CIRP. The Interim Resolution Professional (IRP), Shivkumar Madanlal Baser, made a public announcement regarding the CIRP initiation. Several meetings of the Committee of Creditors (CoC) were convened. The CoC ultimately decided to liquidate the Corporate Debtor due to the absence of assets. The IRP filed the present application for liquidation.
M/s Ila Metals Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) by an Operational Creditor, M/s Somani Multibiz Private Limited. Shivkumar Madanlal Baser was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement regarding the initiation of CIRP. The last date for submission of claims was 20.02.2023. The IRP received a claim from one operational creditor for Rs. 1,79,24,908.30. Several meetings of the Committee of Creditors (CoC) were convened. The CoC was of the opinion to directly go for liquidation of the Corporate Debtor as there were no assets with the Corporate Debtor. The 6th, 7th and 8th CoC meetings could not
…The Corporate…
Public announ…