The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the liquidation process for M/s. Jagtar Singh & Sons Hydraulics Private Limited. The Corporate Debtor had undergone a CIRP, which was initially stayed by NCLAT but later revived. Despite multiple attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
M/s. Intec Capital Limited initiated CIRP against M/s. Jagtar Singh & Sons Hydraulics Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initially stayed by NCLAT but later revived. Mr. Piyush Moona was appointed as the IRP and subsequently as the RP. Several CoC meetings were held to explore resolution plans, but none were approved due to a lack of sufficient votes. The CoC also considered liquidation, but the resolution for liquidation did not receive the required 66% majority. The RP filed an application (IA-4592/2022) seeking a liquidation order. The Adjudicating Authority noted that no resolution plan had been received and that the CIRP period had expired. The Corporate Debtor violated the payment terms mentioned in
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Adjudicating Authority admitted the…
Hon'ble NCLAT stayed the constitution of CoC &…
The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the liquidation process for M/s. Jagtar Singh & Sons Hydraulics Private Limited. The Corporate Debtor had undergone a CIRP, which was initially stayed by NCLAT but later revived. Despite multiple attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
M/s. Intec Capital Limited initiated CIRP against M/s. Jagtar Singh & Sons Hydraulics Private Limited under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The CIRP was initially stayed by NCLAT but later revived. Mr. Piyush Moona was appointed as the IRP and subsequently as the RP. Several CoC meetings were held to explore resolution plans, but none were approved due to a lack of sufficient votes. The CoC also considered liquidation, but the resolution for liquidation did not receive the required 66% majority. The RP filed an application (IA-4592/2022) seeking a liquidation order. The Adjudicating Authority noted that no resolution plan had been received and that the CIRP period had expired. The Corporate Debtor violated the payment terms mentioned in
…Adjudicating Authority admitted the…
Hon'ble NCLAT stayed the constitution of CoC &…