The case involves an application filed by the Resolution Professional (RP) of Patwa Automotive Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 by a financial creditor, which was admitted on 09.09.2020. The RP was appointed as the Interim Resolution Professional (IRP) and later as the RP. Several Committee of Creditors (COC) meetings were held to explore resolution options, including inviting expressions of interest (EOI). Despite multiple attempts to find a resolution plan, none were received, leading the COC to resolve for liquidation with 100% votes.
The financial creditor initiated Corporate Insolvency Resolution Process (CIRP) against Patwa Automotive Private Limited under Section 7 of IBC, which was admitted on 09.09.2020. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP published invitations for Expression of Interest (EOI) multiple times, but no resolution plan was received. The Committee of Creditors (COC) approved the liquidation cost and resolved to sell the corporate debtor as a going concern initially. However, in the 20th COC meeting on 30.11.2021, the COC resolved with 100% votes for liquidation due to the absence of any resolution plan. The application for liquidation was filed under Section 33 of the Insolvency
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The case involves an application filed by the Resolution Professional (RP) of Patwa Automotive Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 by a financial creditor, which was admitted on 09.09.2020. The RP was appointed as the Interim Resolution Professional (IRP) and later as the RP. Several Committee of Creditors (COC) meetings were held to explore resolution options, including inviting expressions of interest (EOI). Despite multiple attempts to find a resolution plan, none were received, leading the COC to resolve for liquidation with 100% votes.
The financial creditor initiated Corporate Insolvency Resolution Process (CIRP) against Patwa Automotive Private Limited under Section 7 of IBC, which was admitted on 09.09.2020. Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP published invitations for Expression of Interest (EOI) multiple times, but no resolution plan was received. The Committee of Creditors (COC) approved the liquidation cost and resolved to sell the corporate debtor as a going concern initially. However, in the 20th COC meeting on 30.11.2021, the COC resolved with 100% votes for liquidation due to the absence of any resolution plan. The application for liquidation was filed under Section 33 of the Insolvency
…The Adjudicating Authority admitted the…
The COC resolved to…