Sapna Cars Pvt. Ltd. initiated corporate insolvency resolution process (CIRP) against Padam Motors Pvt. Ltd. under Section 7 of the IBC, 2016. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor. An application was filed under Section 33(2) of the IBC, 2016, seeking the initiation of the liquidation process. The CoC in its meeting held on 2024-01-17 decided to liquidate the Corporate Debtor. The Resolution Professional (RP) filed the application. The Insolvency and Bankruptcy Board of India (IBBI) provided a list of liquidators, and Mr. Somnath Gupta was appointed as the liquidator. The NCLT considered the application and the resolution passed by the CoC and decided to liquidate the Corporate Debtor with immediate effect.

Sapna Cars Pvt. Ltd. initiated corporate insolvency resolution process (CIRP) against Padam Motors Pvt. Ltd. under Section 7 of the IBC, 2016. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor. An application was filed under Section 33(2) of the IBC, 2016, seeking the initiation of the liquidation process. The CoC in its meeting held on 2024-01-17 decided to liquidate the Corporate Debtor. The Resolution Professional (RP) filed the application. The Insolvency and Bankruptcy Board of India (IBBI) provided a list of liquidators, and Mr. Somnath Gupta was appointed as the liquidator. The NCLT considered the application and the resolution passed by the CoC and decided to liquidate the Corporate Debtor with immediate effect.