The case involves an application for the liquidation of the Corporate Debtor, Mark Infrastructure Pvt Ltd, after resolution plans were rejected by the Committee of Creditors (CoC). The CIRP period of 210 days had completed on 26.09.2022, and the CoC resolved to liquidate the Corporate Debtor in its 10th meeting. An application was also filed for the replacement of the Resolution Professional as liquidator, as the CoC resolved not to continue with the existing Resolution Professional.
Padmavathi Steel Traders initiated a Corporate Insolvency Resolution Process (CIRP) against Mark Infrastructure Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP period of 210 days concluded on 26.09.2022. Resolution plans were presented to the Committee of Creditors (CoC), but the CoC rejected them. In its 10th meeting, the CoC resolved to liquidate the Corporate Debtor. An application was filed for an order of liquidation. The CoC, with 76.14% approval, also sought to replace the existing Resolution Professional with Mr. Madasa Kumar as Liquidator. The Adjudicating Authority considered the failure of resolution efforts, the completion of the CIRP period, and the need to prevent asset value deterioration due to delays. The relevance
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The Corporate…
The Committee of Creditors (CoC) in its 10th…
The case involves an application for the liquidation of the Corporate Debtor, Mark Infrastructure Pvt Ltd, after resolution plans were rejected by the Committee of Creditors (CoC). The CIRP period of 210 days had completed on 26.09.2022, and the CoC resolved to liquidate the Corporate Debtor in its 10th meeting. An application was also filed for the replacement of the Resolution Professional as liquidator, as the CoC resolved not to continue with the existing Resolution Professional.
Padmavathi Steel Traders initiated a Corporate Insolvency Resolution Process (CIRP) against Mark Infrastructure Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP period of 210 days concluded on 26.09.2022. Resolution plans were presented to the Committee of Creditors (CoC), but the CoC rejected them. In its 10th meeting, the CoC resolved to liquidate the Corporate Debtor. An application was filed for an order of liquidation. The CoC, with 76.14% approval, also sought to replace the existing Resolution Professional with Mr. Madasa Kumar as Liquidator. The Adjudicating Authority considered the failure of resolution efforts, the completion of the CIRP period, and the need to prevent asset value deterioration due to delays. The relevance
…The Corporate…
The Committee of Creditors (CoC) in its 10th…