The case pertains to the corporate insolvency resolution process (CIRP) of Micro Stock Holdings Pvt Ltd. CFM Asset Reconstruction Pvt Ltd, the applicant, sought liquidation of the corporate debtor after the resolution plan submitted by M/s Ocean Capital Market Limited was found non-compliant with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Despite multiple opportunities, the resolution applicant failed to rectify the shortcomings in the resolution plan. The Committee of Creditors (CoC) decided to liquidate the corporate debtor, and the extended CIRP period expired on January 25, 2024, without any application for extension being filed.
The corporate insolvency resolution process (CIRP) was initiated against Micro Stock Holdings Pvt Ltd. CFM Asset Reconstruction Pvt Ltd is the applicant in this case. M/s Ocean Capital Market Limited submitted a resolution plan, but it was found to be non-compliant with the Insolvency and Bankruptcy Code (IBC), 2016. The resolution professional (RP) informed the Committee of Creditors (CoC) about the non-compliance. The RP requested the resolution applicant to submit an addendum to the plan, but it was not submitted despite reminders. The CoC gave the resolution applicant multiple opportunities to rectify the shortcomings. The resolution applicant withdrew the resolution plan in the 14th CoC meeting held on 22.12.2023. The CIRP period expired on 25.01.2024, and no
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The Applicant (RP) informed the members of CoC…
The Applicant vide e-mail dated 18.10.2023…
The case pertains to the corporate insolvency resolution process (CIRP) of Micro Stock Holdings Pvt Ltd. CFM Asset Reconstruction Pvt Ltd, the applicant, sought liquidation of the corporate debtor after the resolution plan submitted by M/s Ocean Capital Market Limited was found non-compliant with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016. Despite multiple opportunities, the resolution applicant failed to rectify the shortcomings in the resolution plan. The Committee of Creditors (CoC) decided to liquidate the corporate debtor, and the extended CIRP period expired on January 25, 2024, without any application for extension being filed.
The corporate insolvency resolution process (CIRP) was initiated against Micro Stock Holdings Pvt Ltd. CFM Asset Reconstruction Pvt Ltd is the applicant in this case. M/s Ocean Capital Market Limited submitted a resolution plan, but it was found to be non-compliant with the Insolvency and Bankruptcy Code (IBC), 2016. The resolution professional (RP) informed the Committee of Creditors (CoC) about the non-compliance. The RP requested the resolution applicant to submit an addendum to the plan, but it was not submitted despite reminders. The CoC gave the resolution applicant multiple opportunities to rectify the shortcomings. The resolution applicant withdrew the resolution plan in the 14th CoC meeting held on 22.12.2023. The CIRP period expired on 25.01.2024, and no
…The Applicant (RP) informed the members of CoC…
The Applicant vide e-mail dated 18.10.2023…