The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of the Corporate Debtor (CD), Parallax Décor Private Limited, seeking liquidation of the CD. The Corporate Insolvency Resolution Process (CIRP) was initiated after the application under Section 7 of the Code was admitted on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted. The CoC rejected the proposal for liquidation initially and approved the continuation of CIRP by publishing Form G. An Expression of Interest (Eol) was invited, and one Eol was received from Mr. Mehul Bhartia (Suspended Director/PRA). The PRA failed to submit the required
…The Resolution Professional (RP) of Parallax Décor Private Limited filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking liquidation of the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed. The CoC initially rejected liquidation and opted to continue the CIRP by publishing Form G to invite resolution plans. One Expression of Interest (Eol) was received from Mr. Mehul Bhartia, a Suspended Director/PRA, but he failed to submit the required Net Worth Certificate. The CIRP period was extended by 90 days. Subsequently, the CoC unanimously resolved to liquidate the CD on
…Sign in to view the parties.
The application under Section 7 of the Code…
Public announcement was…
The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of the Corporate Debtor (CD), Parallax Décor Private Limited, seeking liquidation of the CD. The Corporate Insolvency Resolution Process (CIRP) was initiated after the application under Section 7 of the Code was admitted on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted. The CoC rejected the proposal for liquidation initially and approved the continuation of CIRP by publishing Form G. An Expression of Interest (Eol) was invited, and one Eol was received from Mr. Mehul Bhartia (Suspended Director/PRA). The PRA failed to submit the required
…The Resolution Professional (RP) of Parallax Décor Private Limited filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking liquidation of the Corporate Debtor (CD). The Corporate Insolvency Resolution Process (CIRP) was initiated on 14.12.2023. The RP was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed. The CoC initially rejected liquidation and opted to continue the CIRP by publishing Form G to invite resolution plans. One Expression of Interest (Eol) was received from Mr. Mehul Bhartia, a Suspended Director/PRA, but he failed to submit the required Net Worth Certificate. The CIRP period was extended by 90 days. Subsequently, the CoC unanimously resolved to liquidate the CD on
…The application under Section 7 of the Code…
Public announcement was…