The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr. Adesh Kumar Gupta, seeking liquidation of Mercator Oil & Gas Ltd. (the Corporate Debtor) under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of Axis Bank, resolved to liquidate the Corporate Debtor. The CoC instructed the Applicant to file a Liquidation Application with the Tribunal. The application was filed after a resolution plan from DEV Land & Housing Pvt Ltd was considered but not approved due to non-compliance with Section 30 and regulations 37, 38, and 39 of the CIRP Regulations. The CoC unanimously decided to opt for liquidation in its 6th meeting.
Crab & Taur PTE Ltd. initiated the application for liquidation of Mercator Oil & Gas Ltd. under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of Axis Bank, resolved to liquidate the Corporate Debtor. Claims were received from two Financial Creditors and one Operational Creditor. A resolution plan from DEV Land & Housing Pvt Ltd was considered but not approved due to non-compliance with Section 30 and regulations 37, 38, and 39 of the CIRP Regulations, specifically the failure to cover 100% of the CIRP cost. The CoC unanimously decided to opt for liquidation in its 6th meeting. The CoC also decided on a liquidation fee of Rs 50,00,000, with Rs 3 lakh per quarter payable for 2 years, and the balance
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The IRP constituted the Committee of Creditors…
The Applicant was appointed as the Interim…
The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr. Adesh Kumar Gupta, seeking liquidation of Mercator Oil & Gas Ltd. (the Corporate Debtor) under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of Axis Bank, resolved to liquidate the Corporate Debtor. The CoC instructed the Applicant to file a Liquidation Application with the Tribunal. The application was filed after a resolution plan from DEV Land & Housing Pvt Ltd was considered but not approved due to non-compliance with Section 30 and regulations 37, 38, and 39 of the CIRP Regulations. The CoC unanimously decided to opt for liquidation in its 6th meeting.
Crab & Taur PTE Ltd. initiated the application for liquidation of Mercator Oil & Gas Ltd. under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC), consisting of Axis Bank, resolved to liquidate the Corporate Debtor. Claims were received from two Financial Creditors and one Operational Creditor. A resolution plan from DEV Land & Housing Pvt Ltd was considered but not approved due to non-compliance with Section 30 and regulations 37, 38, and 39 of the CIRP Regulations, specifically the failure to cover 100% of the CIRP cost. The CoC unanimously decided to opt for liquidation in its 6th meeting. The CoC also decided on a liquidation fee of Rs 50,00,000, with Rs 3 lakh per quarter payable for 2 years, and the balance
…The IRP constituted the Committee of Creditors…
The Applicant was appointed as the Interim…