The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Makalu Trading Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Zenil Traders Private Limited, an Operational Creditor, under Section 9 of the Code. The CIRP period expired without approval of a resolution plan, leading to the current application for liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Makalu Trading Limited ('Corporate Debtor') based on a petition filed by Zenil Traders Private Limited ('Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ashish Saoji was appointed as the Resolution Professional (RP). The IRP made a public announcement on 2022-04-14. Several meetings of the Committee of Creditors (CoC) were held, but no resolution plan was approved. The CoC rejected resolution plans with 72.343% voting. The CIRP period expired without any resolution plan being approved. The RP then filed an application under Section 33 of the Code seeking liquidation of the Corporate Debtor. The Tribunal noted that no resolution plan had been approved and
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Corporate Insolvency Resolution Process…
The IRP made public announcement on…
The case pertains to an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor, Makalu Trading Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Zenil Traders Private Limited, an Operational Creditor, under Section 9 of the Code. The CIRP period expired without approval of a resolution plan, leading to the current application for liquidation.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Makalu Trading Limited ('Corporate Debtor') based on a petition filed by Zenil Traders Private Limited ('Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ashish Saoji was appointed as the Resolution Professional (RP). The IRP made a public announcement on 2022-04-14. Several meetings of the Committee of Creditors (CoC) were held, but no resolution plan was approved. The CoC rejected resolution plans with 72.343% voting. The CIRP period expired without any resolution plan being approved. The RP then filed an application under Section 33 of the Code seeking liquidation of the Corporate Debtor. The Tribunal noted that no resolution plan had been approved and
…Corporate Insolvency Resolution Process…
The IRP made public announcement on…