The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Neel Motors LLP, due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Neel Motors LLP following a petition filed by the Financial Creditor, PPG Asian Paints Private Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Mukesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite efforts, no resolution plan was received, and the Committee of Creditors (CoC) determined that continuing with the CIRP was not feasible due to the absence of fixed assets and remote prospects of
…PPG Asian Paints Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Neel Motors LLP, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Mukesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An advertisement inviting Expression of Interest (EoI) was published. The Committee of Creditors (CoC) decided to appoint a valuer and two registered valuers were appointed. The CoC determined that continuing with the CIRP was not feasible due to the absence of fixed assets and the remote prospects of a resolution. The CoC, in its 6th meeting held on 27.12.2021, passed a resolution for liquidation with 100% voting rights. The RP
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The Adjudicating Authority directed the…
In the 1st Committee of Creditors (CoC)…
The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Neel Motors LLP, due to the absence of a resolution plan. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) against Neel Motors LLP following a petition filed by the Financial Creditor, PPG Asian Paints Private Limited, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Mukesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Despite efforts, no resolution plan was received, and the Committee of Creditors (CoC) determined that continuing with the CIRP was not feasible due to the absence of fixed assets and remote prospects of
…PPG Asian Paints Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Neel Motors LLP, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Mukesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). An advertisement inviting Expression of Interest (EoI) was published. The Committee of Creditors (CoC) decided to appoint a valuer and two registered valuers were appointed. The CoC determined that continuing with the CIRP was not feasible due to the absence of fixed assets and the remote prospects of a resolution. The CoC, in its 6th meeting held on 27.12.2021, passed a resolution for liquidation with 100% voting rights. The RP
…The Adjudicating Authority directed the…
In the 1st Committee of Creditors (CoC)…