The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr. Adesh Kumar Gupta, seeking the 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.
Crab & Taur Pvt Ltd initiated the Corporate Insolvency Resolution Process (CIRP) against Mercator Oil & Gas Ltd. The Committee of Creditors (CoC), primarily consisting of Axis Bank, was formed. A resolution plan was received from DEV Land & Housing Pvt Ltd but was not approved as it did not cover the entire CIRP cost. The Resolution Professional (RP) was unable to obtain further information from the resolution applicant. Consequently, the CoC unanimously decided to liquidate the Corporate Debtor in its 6th meeting. The RP then filed an application (I.A. No. 1134/2022) seeking liquidation under Section 33(3) of the Insolvency and Bankruptcy Code (IBC). The NCLT allowed the application, ordering the liquidation of Mercator Oil & Gas Ltd. as a going
…Sign in to view the parties.
The Interim Resolution Professional (IRP)…
The Applicant was duly appointed by this…
The case involves an application (I.A. No. 1134/2022) filed by the Resolution Professional, Mr. Adesh Kumar Gupta, seeking the 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.
Crab & Taur Pvt Ltd initiated the Corporate Insolvency Resolution Process (CIRP) against Mercator Oil & Gas Ltd. The Committee of Creditors (CoC), primarily consisting of Axis Bank, was formed. A resolution plan was received from DEV Land & Housing Pvt Ltd but was not approved as it did not cover the entire CIRP cost. The Resolution Professional (RP) was unable to obtain further information from the resolution applicant. Consequently, the CoC unanimously decided to liquidate the Corporate Debtor in its 6th meeting. The RP then filed an application (I.A. No. 1134/2022) seeking liquidation under Section 33(3) of the Insolvency and Bankruptcy Code (IBC). The NCLT allowed the application, ordering the liquidation of Mercator Oil & Gas Ltd. as a going
…The Interim Resolution Professional (IRP)…
The Applicant was duly appointed by this…