The case pertains to an application filed by the liquidator of Komorebi Exports Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions against the sole member of the Committee of Creditors (CoC), Bank of India, to release the Corporate Insolvency Resolution Process (CIRP) cost and the liquidation cost for the smooth conduct of the liquidation process. The CIRP against the corporate debtor commenced on 2019-01-10, and the applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost and later rejected a resolution plan. The application seeking liquidation of the corporate debtor was allowed.
The Corporate Insolvency Resolution Process (CIRP) against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), with Bank of India as the sole member, initially approved an estimated CIRP cost of ₹15 lakh. A resolution plan submitted by Aastha Garments was rejected by the CoC on 2019-09-05. The CoC approved ₹10,24,321/- as CIRP costs incurred by the RP until 2019-09-09 and approved liquidator fees at ₹50,000/- per month. The Adjudicating Authority allowed the liquidation of the corporate debtor on 2020-02-05. The CIRP cost increased from ₹10,24,321/- to ₹14,41,971/- (excluding IRP fees paid by operational
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The Corporate Insolvency Resolution Process…
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The case pertains to an application filed by the liquidator of Komorebi Exports Pvt. Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions against the sole member of the Committee of Creditors (CoC), Bank of India, to release the Corporate Insolvency Resolution Process (CIRP) cost and the liquidation cost for the smooth conduct of the liquidation process. The CIRP against the corporate debtor commenced on 2019-01-10, and the applicant was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost and later rejected a resolution plan. The application seeking liquidation of the corporate debtor was allowed.
The Corporate Insolvency Resolution Process (CIRP) against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), with Bank of India as the sole member, initially approved an estimated CIRP cost of ₹15 lakh. A resolution plan submitted by Aastha Garments was rejected by the CoC on 2019-09-05. The CoC approved ₹10,24,321/- as CIRP costs incurred by the RP until 2019-09-09 and approved liquidator fees at ₹50,000/- per month. The Adjudicating Authority allowed the liquidation of the corporate debtor on 2020-02-05. The CIRP cost increased from ₹10,24,321/- to ₹14,41,971/- (excluding IRP fees paid by operational
…The Corporate Insolvency Resolution Process…
The Adjudicating…