The case involves applications related to the insolvency resolution process of Nascent Communication Private Limited. IA/4293/2022 concerns the approval of the Committee of Creditors' (CoC) decision to continue with Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). IA/4533/2022 pertains to the initiation of the liquidation process for Nascent Communication Private Limited, filed by the Resolution Professional, due to the lack of a viable resolution plan and the depreciating value of the corporate debtor's assets.
Value First Digital Media Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Nascent Communication Pvt. Ltd. under Section 9 of the IBC. The Committee of Creditors (CoC) approved the continuation of Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Subsequently, the CoC opted for liquidation due to the lack of a resolution plan and the depreciating value of the corporate debtor's assets, which included a few vehicles. The CoC recommended the appointment of Mr. Ravi Bansal as the liquidator.
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Order delive…
The case involves applications related to the insolvency resolution process of Nascent Communication Private Limited. IA/4293/2022 concerns the approval of the Committee of Creditors' (CoC) decision to continue with Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). IA/4533/2022 pertains to the initiation of the liquidation process for Nascent Communication Private Limited, filed by the Resolution Professional, due to the lack of a viable resolution plan and the depreciating value of the corporate debtor's assets.
Value First Digital Media Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Nascent Communication Pvt. Ltd. under Section 9 of the IBC. The Committee of Creditors (CoC) approved the continuation of Mr. Ravi Bansal as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Subsequently, the CoC opted for liquidation due to the lack of a resolution plan and the depreciating value of the corporate debtor's assets, which included a few vehicles. The CoC recommended the appointment of Mr. Ravi Bansal as the liquidator.
Order delive…