The case involves an application (IA(IBC)/795(KB)2021) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP) of Nandlal Kamal Kishore Vyapaar Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The CIRP was initiated based on a petition filed by Onemax Yarn Merchants Private Limited, the Financial Creditor. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC approved the initiation of liquidation process as no resolution plan was received even after multiple attempts to invite Expression of Interest (Eol).
Onemax Yarn Merchants Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Nandlal Kamal Kishore Vyapaar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 02/02/2021. Mr. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was duly constituted. Multiple CoC meetings were held. Despite repeated invitations for Expression of Interest (Eol), no resolution plan was received. The CoC, with a majority of 97.52% voting share, resolved to liquidate the Corporate Debtor. The CIRP period ended on 31/08/2021.
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CIRP initiated against Nandlal Kamal Kishore…
Public announcement made in 'Financial…
The case involves an application (IA(IBC)/795(KB)2021) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 by the Resolution Professional (RP) of Nandlal Kamal Kishore Vyapaar Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The CIRP was initiated based on a petition filed by Onemax Yarn Merchants Private Limited, the Financial Creditor. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC approved the initiation of liquidation process as no resolution plan was received even after multiple attempts to invite Expression of Interest (Eol).
Onemax Yarn Merchants Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Nandlal Kamal Kishore Vyapaar Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated vide order dated 02/02/2021. Mr. Ajay Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was duly constituted. Multiple CoC meetings were held. Despite repeated invitations for Expression of Interest (Eol), no resolution plan was received. The CoC, with a majority of 97.52% voting share, resolved to liquidate the Corporate Debtor. The CIRP period ended on 31/08/2021.
…CIRP initiated against Nandlal Kamal Kishore…
Public announcement made in 'Financial…