The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Phantom Resources Private Limited, the Corporate Debtor, seeking the initiation of liquidation proceedings. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 2022-07-15. The Committee of Creditors (CoC) initially consisted of only one Operational Creditor, Nova Cosmetics Private Limited, but later included Manipal Utility Packaging Solutions Private Limited. The CoC resolved to liquidate the Corporate Debtor due to its financial crisis and lack of business activity.
Phantom Resources Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 2022-07-15. The Resolution Professional (RP), also the applicant, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. Initially, the Committee of Creditors (CoC) consisted of only one Operational Creditor, Nova Cosmetics Private Limited, with a claim of Rs. 47,22,294. Later, Manipal Utility Packaging Solutions Private Limited also became a member of the CoC. The suspended directors of the Corporate Debtor informed the RP that the company was not engaged in business activities post Covid-19 and had no prospect of revival. The CoC, in its third meeting on 2022-11-05, resolved to liquidate the
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Corporate Insolvency Resolution Process (CIRP)…
IRP issued…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of Phantom Resources Private Limited, the Corporate Debtor, seeking the initiation of liquidation proceedings. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 2022-07-15. The Committee of Creditors (CoC) initially consisted of only one Operational Creditor, Nova Cosmetics Private Limited, but later included Manipal Utility Packaging Solutions Private Limited. The CoC resolved to liquidate the Corporate Debtor due to its financial crisis and lack of business activity.
Phantom Resources Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 2022-07-15. The Resolution Professional (RP), also the applicant, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. Initially, the Committee of Creditors (CoC) consisted of only one Operational Creditor, Nova Cosmetics Private Limited, with a claim of Rs. 47,22,294. Later, Manipal Utility Packaging Solutions Private Limited also became a member of the CoC. The suspended directors of the Corporate Debtor informed the RP that the company was not engaged in business activities post Covid-19 and had no prospect of revival. The CoC, in its third meeting on 2022-11-05, resolved to liquidate the
…Corporate Insolvency Resolution Process (CIRP)…
IRP issued…