The case involves an application for the dissolution of Patidar Exim Private Limited, a corporate debtor, under Section 54(1) of the IB Code, 2016. Indiabulls Consumers Finance Limited initiated the corporate insolvency resolution process (CIRP) against Patidar Exim Pvt Ltd under Section 7 of the IBC. An IRP was initially appointed but could not take up the assignment. Subsequently, another IRP, Mr. Sumit Jagdishchandra Shah, was appointed and later confirmed as the Resolution Professional (RP). The RP conducted eight CoC meetings, but no resolution plan was approved. Preferential transactions were discovered. The AA ordered for liquidation of the Corporate Debtor and the applicant was appointed as Liquidator.
Patidar Exim Private Limited was incorporated on 12.05.1994. Its authorized and paid-up share capital was Rs.5,00,00,000/-. The company was engaged in the business of importing, exporting, and dealing in wood products. Indiabulls Consumers Finance Limited filed an application under Section 7 of the IBC, which was admitted on 04.02.2022. Mr. Arun Kumar Malani was initially appointed as IRP but could not take up the assignment. Mr. Sumit Jagdishchandra Shah was appointed as IRP and later confirmed as RP. The IRP published advertisements inviting claims. Eight CoC meetings were conducted. No resolution plan was received. Preferential transactions of approximately Rs.1,02,00,000/- were discovered. The AA ordered liquidation on 15.12.2022, and the applicant was appointed as
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Patidar Exim…
Application No. CP(IB) No.134/7/HDB/2020 filed…
The case involves an application for the dissolution of Patidar Exim Private Limited, a corporate debtor, under Section 54(1) of the IB Code, 2016. Indiabulls Consumers Finance Limited initiated the corporate insolvency resolution process (CIRP) against Patidar Exim Pvt Ltd under Section 7 of the IBC. An IRP was initially appointed but could not take up the assignment. Subsequently, another IRP, Mr. Sumit Jagdishchandra Shah, was appointed and later confirmed as the Resolution Professional (RP). The RP conducted eight CoC meetings, but no resolution plan was approved. Preferential transactions were discovered. The AA ordered for liquidation of the Corporate Debtor and the applicant was appointed as Liquidator.
Patidar Exim Private Limited was incorporated on 12.05.1994. Its authorized and paid-up share capital was Rs.5,00,00,000/-. The company was engaged in the business of importing, exporting, and dealing in wood products. Indiabulls Consumers Finance Limited filed an application under Section 7 of the IBC, which was admitted on 04.02.2022. Mr. Arun Kumar Malani was initially appointed as IRP but could not take up the assignment. Mr. Sumit Jagdishchandra Shah was appointed as IRP and later confirmed as RP. The IRP published advertisements inviting claims. Eight CoC meetings were conducted. No resolution plan was received. Preferential transactions of approximately Rs.1,02,00,000/- were discovered. The AA ordered liquidation on 15.12.2022, and the applicant was appointed as
…Patidar Exim…
Application No. CP(IB) No.134/7/HDB/2020 filed…