The case involves an application (I.A./6036/ND/2022) filed by the Resolution Professional (RP) of Indo International Tobacco Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.06.2022, and Mr. Harish Kumar Gupta was appointed as the IRP. Public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to explore resolution options. However, efforts to find a resolution applicant were unsuccessful, leading the CoC to resolve for liquidation.
The Corporate Insolvency Resolution Process (CIRP) against Indo International Tobacco Limited was initiated on 20.06.2022. Mr. Harish Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held. The CoC attempted to find a resolution applicant by inviting expressions of interest (EOI) and conducting e-auctions, but these efforts were unsuccessful. The CoC noted that the Corporate Debtor lacked plant and machinery, valid licenses, and manufacturing facilities, making a sale as a going concern unviable. The CoC resolved to liquidate the Corporate Debtor with 100% voting share. An additional
…Sign in to view the parties.
The Company Petition…
The Corporate Insolvency Resolution Process…
The case involves an application (I.A./6036/ND/2022) filed by the Resolution Professional (RP) of Indo International Tobacco Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 20.06.2022, and Mr. Harish Kumar Gupta was appointed as the IRP. Public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held to explore resolution options. However, efforts to find a resolution applicant were unsuccessful, leading the CoC to resolve for liquidation.
The Corporate Insolvency Resolution Process (CIRP) against Indo International Tobacco Limited was initiated on 20.06.2022. Mr. Harish Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and four claims were received from financial creditors. The Committee of Creditors (CoC) was constituted, and several meetings were held. The CoC attempted to find a resolution applicant by inviting expressions of interest (EOI) and conducting e-auctions, but these efforts were unsuccessful. The CoC noted that the Corporate Debtor lacked plant and machinery, valid licenses, and manufacturing facilities, making a sale as a going concern unviable. The CoC resolved to liquidate the Corporate Debtor with 100% voting share. An additional
…The Company Petition…
The Corporate Insolvency Resolution Process…