The application was filed under section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, for initiating liquidation of the Corporate Debtor, Jivanjyot Motors Pvt. Ltd. The CIRP was initiated by AKZO Nobel India Ltd. under Section 7 of the IBC, 2016, due to alleged outstanding debts. The petition was admitted on 20.10.2022, and a moratorium was imposed. Ajay Kumar Jain was appointed as the Interim Resolution Professional (IRP). The IRP submitted multiple progress reports and sought an extension of the CIRP period, which was approved until 19.04.2023. During the CIRP, the suspended directors did not cooperate with the RP, leading to contempt proceedings. The RP published Form-G multiple times, but no resolution plan was received. The Committee of Creditors
…AKZO Nobel India Ltd. initiated CIRP against Jivanjyot Motors Pvt. Ltd. under Section 7 of IBC, 2016, due to outstanding debts. The petition was admitted on 20.10.2022, imposing a moratorium. Ajay Kumar Jain was appointed as IRP. The IRP submitted progress reports and sought CIRP extension until 19.04.2023. Suspended directors did not cooperate, leading to contempt proceedings. Form-G was published multiple times, but no resolution plan was received. The CoC, solely Axis Bank, approved liquidation on 23.06.2023. The RP initiated CIRP with deviations and faced difficulties in obtaining claims. The Corporate Debtor had a significant cash balance not deposited in its bank account. The liquidation value was lower than the total claims. The Corporate Debtor had outstanding
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AKZO Nobel India Ltd. filed an application…
The Tribunal admitted…
The application was filed under section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, for initiating liquidation of the Corporate Debtor, Jivanjyot Motors Pvt. Ltd. The CIRP was initiated by AKZO Nobel India Ltd. under Section 7 of the IBC, 2016, due to alleged outstanding debts. The petition was admitted on 20.10.2022, and a moratorium was imposed. Ajay Kumar Jain was appointed as the Interim Resolution Professional (IRP). The IRP submitted multiple progress reports and sought an extension of the CIRP period, which was approved until 19.04.2023. During the CIRP, the suspended directors did not cooperate with the RP, leading to contempt proceedings. The RP published Form-G multiple times, but no resolution plan was received. The Committee of Creditors
…AKZO Nobel India Ltd. initiated CIRP against Jivanjyot Motors Pvt. Ltd. under Section 7 of IBC, 2016, due to outstanding debts. The petition was admitted on 20.10.2022, imposing a moratorium. Ajay Kumar Jain was appointed as IRP. The IRP submitted progress reports and sought CIRP extension until 19.04.2023. Suspended directors did not cooperate, leading to contempt proceedings. Form-G was published multiple times, but no resolution plan was received. The CoC, solely Axis Bank, approved liquidation on 23.06.2023. The RP initiated CIRP with deviations and faced difficulties in obtaining claims. The Corporate Debtor had a significant cash balance not deposited in its bank account. The liquidation value was lower than the total claims. The Corporate Debtor had outstanding
…AKZO Nobel India Ltd. filed an application…
The Tribunal admitted…