The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, LB Industries Private Limited. The Corporate Debtor was admitted into CIRP on 19.11.2019, and an Interim Resolution Professional was appointed. The IRP issued a public notice inviting claims and constituted the Committee of Creditors (CoC). The CIRP period of 180 days was initially concluding on 26.05.2020, but was extended due to the lockdown imposed by the Central Government, with the revised conclusion date being 09.11.2020. A resolution plan submitted by the promoter, Mr. Jaidev Panchmatia, was considered by the CoC on 03.10.2020 but was rejected. The CoC members ultimately resolved in favor of liquidation.
LB Industries Private Limited was admitted into CIRP on 2019-11-19, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC). The CIRP period was initially set to conclude on 2020-05-26 but was extended to 2020-11-09 due to a lockdown imposed by the Central Government. A resolution plan submitted by the promoter, Mr. Jaidev Panchmatia, was rejected by the CoC on 2020-10-03. Union Bank of India classified the Corporate Debtor's account as Fraud and Wilful Defaulter. The CoC approved the liquidation of the Corporate Debtor with 100% votes in its eighth meeting. Mr. Fanendra Harakchand Munot, the Resolution Professional, was proposed to be the liquidator. The NCLT Mumbai Bench considered that the only resolution plan
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The Corporate Debtor…
The initial 180-day…
The case pertains to an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, LB Industries Private Limited. The Corporate Debtor was admitted into CIRP on 19.11.2019, and an Interim Resolution Professional was appointed. The IRP issued a public notice inviting claims and constituted the Committee of Creditors (CoC). The CIRP period of 180 days was initially concluding on 26.05.2020, but was extended due to the lockdown imposed by the Central Government, with the revised conclusion date being 09.11.2020. A resolution plan submitted by the promoter, Mr. Jaidev Panchmatia, was considered by the CoC on 03.10.2020 but was rejected. The CoC members ultimately resolved in favor of liquidation.
LB Industries Private Limited was admitted into CIRP on 2019-11-19, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (CoC). The CIRP period was initially set to conclude on 2020-05-26 but was extended to 2020-11-09 due to a lockdown imposed by the Central Government. A resolution plan submitted by the promoter, Mr. Jaidev Panchmatia, was rejected by the CoC on 2020-10-03. Union Bank of India classified the Corporate Debtor's account as Fraud and Wilful Defaulter. The CoC approved the liquidation of the Corporate Debtor with 100% votes in its eighth meeting. Mr. Fanendra Harakchand Munot, the Resolution Professional, was proposed to be the liquidator. The NCLT Mumbai Bench considered that the only resolution plan
…The Corporate Debtor…
The initial 180-day…