The application was filed by the Resolution Professional of M/s. Prathvi Coal Private Limited, seeking orders for the dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 04.11.2022. Despite efforts, no resolution plan was received, and the CoC recommended dissolution due to the absence of assets and the inability to cover liquidation costs. The Operational Creditor is the sole member of the CoC and has contributed to the CIRP costs. The Corporate Debtor's financial situation was dire, with minimal cash balance and closed bank accounts. The CIRP period was expiring on 03.05.2023.
Mr. Ashutosh Gupta, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Prathvi Coal Private Limited. The Corporate Debtor was admitted into CIRP on 04.11.2022. Mr. Ranjan Chakraborti was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Corporate Debtor's main business was manufacturing, buying, selling, importing, exporting, and trading in minerals and related products. The Corporate Debtor faced stiff competition and lacked funding, leading to its inability to pay financial dues. A public announcement was made on 05.11.2022, and a Committee of Creditors (CoC) was formed, consisting only of the Operational Creditor. The Income Tax Department's claim was rejected due to
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The application was filed by the Resolution Professional of M/s. Prathvi Coal Private Limited, seeking orders for the dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 04.11.2022. Despite efforts, no resolution plan was received, and the CoC recommended dissolution due to the absence of assets and the inability to cover liquidation costs. The Operational Creditor is the sole member of the CoC and has contributed to the CIRP costs. The Corporate Debtor's financial situation was dire, with minimal cash balance and closed bank accounts. The CIRP period was expiring on 03.05.2023.
Mr. Ashutosh Gupta, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Prathvi Coal Private Limited. The Corporate Debtor was admitted into CIRP on 04.11.2022. Mr. Ranjan Chakraborti was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Corporate Debtor's main business was manufacturing, buying, selling, importing, exporting, and trading in minerals and related products. The Corporate Debtor faced stiff competition and lacked funding, leading to its inability to pay financial dues. A public announcement was made on 05.11.2022, and a Committee of Creditors (CoC) was formed, consisting only of the Operational Creditor. The Income Tax Department's claim was rejected due to
…The Adjudicating Authority admitted the…
Public announcement was…