The case involves an application filed by Mr. K. Easwara Pillai, the Resolution Professional (RP) of Plumbers Choice Plastics Private Limited, seeking an order for the liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an Operational Creditor, Bangur Exim Private Limited, under Section 9 of the Code. An Interim Resolution Professional was appointed, and a Committee of Creditors (CoC) was constituted. However, due to the Corporate Debtor's liabilities exceeding its assets and the cessation of its business operations, the CoC decided that liquidation was necessary.
Bangur Exim Private Limited, an Operational Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Plumbers Choice Plastics Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted, and Mr. G. Rajesh Kurup was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC). The first CoC meeting was held on 02.05.2024, where the appointment of the Resolution Professional (RP) was deferred. In the 3rd CoC meeting on 15.06.2024, the IRP was replaced, and Mr. K. Easwara Pillai was appointed as the RP on 28.06.2024. The 4th CoC meeting on 27.09.2024, the CoC unanimously decided with 100% voting rights to recommend liquidation due to
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Mr. G. Rajesh Kurup was…
The first meeting of the Committee of Creditors…
The case involves an application filed by Mr. K. Easwara Pillai, the Resolution Professional (RP) of Plumbers Choice Plastics Private Limited, seeking an order for the liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an Operational Creditor, Bangur Exim Private Limited, under Section 9 of the Code. An Interim Resolution Professional was appointed, and a Committee of Creditors (CoC) was constituted. However, due to the Corporate Debtor's liabilities exceeding its assets and the cessation of its business operations, the CoC decided that liquidation was necessary.
Bangur Exim Private Limited, an Operational Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Plumbers Choice Plastics Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted, and Mr. G. Rajesh Kurup was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC). The first CoC meeting was held on 02.05.2024, where the appointment of the Resolution Professional (RP) was deferred. In the 3rd CoC meeting on 15.06.2024, the IRP was replaced, and Mr. K. Easwara Pillai was appointed as the RP on 28.06.2024. The 4th CoC meeting on 27.09.2024, the CoC unanimously decided with 100% voting rights to recommend liquidation due to
…Mr. G. Rajesh Kurup was…
The first meeting of the Committee of Creditors…