The case involves an application filed by the Resolution Professional (RP) to exclude a time period of 416 days from 13.02.2023 to 04.04.2024. The Committee of Creditors (COC) was not actively pursuing the Corporate Insolvency Resolution Process (CIRP). The Tribunal had previously ordered a hearing for the COC members on 10.05.2024. Notices were issued to the two COC members, ESIC (Employee State Insurance Corporation) and EPFO (Employee Provident Fund Organization).
The Resolution Professional (RP) filed an application to exclude 416 days from the CIRP timeline (13.02.2023 to 04.04.2024) because the COC was not actively involved. The Tribunal ordered a hearing for the COC members (ESIC and EPFO). Notices were served. ESIC and EPFO, the only COC members, later withdrew their claims and expressed no interest in continuing the CIRP. The RP filed memos documenting these withdrawals. The corporate debtor had limited assets, insufficient to cover liquidation costs. The RP requested the Tribunal to dissolve the company and relieve him of his duties. The RP submitted details of CIRP costs and amounts received. The Tribunal considered a similar case where CIRP was terminated due to creditor withdrawals. The financial and operational
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The case involves an application filed by the Resolution Professional (RP) to exclude a time period of 416 days from 13.02.2023 to 04.04.2024. The Committee of Creditors (COC) was not actively pursuing the Corporate Insolvency Resolution Process (CIRP). The Tribunal had previously ordered a hearing for the COC members on 10.05.2024. Notices were issued to the two COC members, ESIC (Employee State Insurance Corporation) and EPFO (Employee Provident Fund Organization).
The Resolution Professional (RP) filed an application to exclude 416 days from the CIRP timeline (13.02.2023 to 04.04.2024) because the COC was not actively involved. The Tribunal ordered a hearing for the COC members (ESIC and EPFO). Notices were served. ESIC and EPFO, the only COC members, later withdrew their claims and expressed no interest in continuing the CIRP. The RP filed memos documenting these withdrawals. The corporate debtor had limited assets, insufficient to cover liquidation costs. The RP requested the Tribunal to dissolve the company and relieve him of his duties. The RP submitted details of CIRP costs and amounts received. The Tribunal considered a similar case where CIRP was terminated due to creditor withdrawals. The financial and operational
…The Resolution…
The Resolution…