The case pertains to IA-4617 of 2023 in CP(IB)-3243 of 2019 filed under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Lalit Polyester Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lalit Polyester Private Limited following a petition filed by Punjab National Bank under Section 7 of the Code. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional (RP). Despite inviting Expression of Interest (EoI), the CoC determined that there was no chance of revival of the Corporate Debtor and voted for liquidation.
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Lalit Polyester Private Limited. The applicant, Nitin Om Kothari, was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). An invitation for Expression of Interest (EoI) was issued, but the Committee of Creditors (CoC) concluded that there was no prospect of revival for the Corporate Debtor. Consequently, the CoC voted with 100% voting share for the liquidation of Lalit Polyester Private Limited under Section 33(2) of the Code. The CoC, in its 8th meeting, approved the appointment of Anil Seetaram Vaidya as the liquidator. The application
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Tribunal order admitting the petition and…
Form G inviting…
The case pertains to IA-4617 of 2023 in CP(IB)-3243 of 2019 filed under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Lalit Polyester Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lalit Polyester Private Limited following a petition filed by Punjab National Bank under Section 7 of the Code. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional (RP). Despite inviting Expression of Interest (EoI), the CoC determined that there was no chance of revival of the Corporate Debtor and voted for liquidation.
Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Lalit Polyester Private Limited. The applicant, Nitin Om Kothari, was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). An invitation for Expression of Interest (EoI) was issued, but the Committee of Creditors (CoC) concluded that there was no prospect of revival for the Corporate Debtor. Consequently, the CoC voted with 100% voting share for the liquidation of Lalit Polyester Private Limited under Section 33(2) of the Code. The CoC, in its 8th meeting, approved the appointment of Anil Seetaram Vaidya as the liquidator. The application
…Tribunal order admitting the petition and…
Form G inviting…