The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor, Phantom Resources Private Limited, seeking initiation of liquidation process. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 15.07.2022. The Committee of Creditors (CoC) initially consisted of only one Operational Creditor, Nova Cosmetics Private Limited. Later, another Operational Creditor, Manipal Utility Packaging Solutions Private Limited, joined the CoC. The suspended directors informed the RP that the Corporate Debtor was not engaged in business activities post Covid-19 and had no prospect of revival due to severe financial crisis and expired stock. The CoC
…Phantom Resources Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 15.07.2022. The Resolution Professional (RP), Ajay Ganesh Marathe, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation. 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 due to severe financial crisis and expired stock. The CoC, in its third meeting on 05.11.2022,
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Corporate Insolvency Resolution Process (CIRP)…
IRP issued Public Announcement in accordance…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor, Phantom Resources Private Limited, seeking initiation of liquidation process. The Corporate Debtor was undergoing Corporate Insolvency Resolution Process (CIRP) since 15.07.2022. The Committee of Creditors (CoC) initially consisted of only one Operational Creditor, Nova Cosmetics Private Limited. Later, another Operational Creditor, Manipal Utility Packaging Solutions Private Limited, joined the CoC. The suspended directors informed the RP that the Corporate Debtor was not engaged in business activities post Covid-19 and had no prospect of revival due to severe financial crisis and expired stock. The CoC
…Phantom Resources Private Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 15.07.2022. The Resolution Professional (RP), Ajay Ganesh Marathe, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation. 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 due to severe financial crisis and expired stock. The CoC, in its third meeting on 05.11.2022,
…Corporate Insolvency Resolution Process (CIRP)…
IRP issued Public Announcement in accordance…