The case involves an application for the liquidation of MegaaBakers Private Limited, a corporate debtor, under Section 33(1)&(2) of the Insolvency and Bankruptcy Code, 2016. The insolvency petition was initially filed under Section 7 of the Code by Ravi Kumar Verma, a financial creditor. The corporate debtor was admitted into CIRP on 04.02.2022. Several meetings of the Committee of Creditors (CoC) were held, during which the appointment of Resolution Professionals (RP) was discussed and the CoC ultimately resolved to liquidate the corporate debtor due to the absence of any viable resolution plan.
Mr. Ravi Kumar Verma, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against MegaaBakers Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 04.02.2022. Initially, Mr. Jaramu Ram Thakur was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Parminder Singh Bhullar. Subsequently, Mr. Vijay Kishore Saxena was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) comprised State Bank of India and Ravi Kumar Verma, holding 98.50% and 1.50% voting rights, respectively. Despite multiple attempts to solicit resolution plans, including re-issuing Form G, no prospective resolution applicant submitted a plan by
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The case involves an application for the liquidation of MegaaBakers Private Limited, a corporate debtor, under Section 33(1)&(2) of the Insolvency and Bankruptcy Code, 2016. The insolvency petition was initially filed under Section 7 of the Code by Ravi Kumar Verma, a financial creditor. The corporate debtor was admitted into CIRP on 04.02.2022. Several meetings of the Committee of Creditors (CoC) were held, during which the appointment of Resolution Professionals (RP) was discussed and the CoC ultimately resolved to liquidate the corporate debtor due to the absence of any viable resolution plan.
Mr. Ravi Kumar Verma, a financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against MegaaBakers Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 04.02.2022. Initially, Mr. Jaramu Ram Thakur was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Parminder Singh Bhullar. Subsequently, Mr. Vijay Kishore Saxena was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) comprised State Bank of India and Ravi Kumar Verma, holding 98.50% and 1.50% voting rights, respectively. Despite multiple attempts to solicit resolution plans, including re-issuing Form G, no prospective resolution applicant submitted a plan by
…Main Company P…
Corporate D…