The case pertains to an application filed by the liquidator 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 10.01.2019, and the applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost in its 9th meeting and later rejected a resolution plan in its 12th meeting, leading to the filing of a liquidation application which was allowed on 05.02.2020.
The CIRP against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the IRP and later confirmed as RP. The CoC, consisting solely of Bank of India, initially approved a 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 until 2019-09-09 and liquidator fees of ₹50,000 per month. The liquidation application was allowed on 2020-02-05. The CIRP cost increased to ₹14,41,971, excluding IRP fees paid by operational creditors. The liquidator incurred expenses of ₹33,02,817.58, of which ₹16,33,385.68 was recovered, leaving ₹16,69,431.90 pending. Bank of India credited ₹2,74,000 towards CIRP cost on 2022-02-08. The liquidator filed an
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The Corporate Insolvency Resolution Process…
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The case pertains to an application filed by the liquidator 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 10.01.2019, and the applicant was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CoC approved the estimated CIRP cost in its 9th meeting and later rejected a resolution plan in its 12th meeting, leading to the filing of a liquidation application which was allowed on 05.02.2020.
The CIRP against Komorebi Exports Pvt. Ltd. commenced on 2019-01-10. Sarvesh Kashyap was appointed as the IRP and later confirmed as RP. The CoC, consisting solely of Bank of India, initially approved a 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 until 2019-09-09 and liquidator fees of ₹50,000 per month. The liquidation application was allowed on 2020-02-05. The CIRP cost increased to ₹14,41,971, excluding IRP fees paid by operational creditors. The liquidator incurred expenses of ₹33,02,817.58, of which ₹16,33,385.68 was recovered, leaving ₹16,69,431.90 pending. Bank of India credited ₹2,74,000 towards CIRP cost on 2022-02-08. The liquidator filed an
…The Corporate Insolvency Resolution Process…
The Committee of…