The case involves an application (IA(IBC)/33(KB)2023) filed by the Resolution Professional (RP) of Predicate Consultants Private Limited, the Corporate Debtor, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Predicate Consultants Private Limited following a petition filed by SREI Equipment Finance Limited, the Financial Creditor. Mr. Arun Kumar Khandelia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Ritesh Agarwal due to disciplinary proceedings initiated by the IBBI against Mr. Khandelia.
SREI Equipment Finance Limited initiated CIRP against Predicate Consultants Private Limited under Section 7 of the IBC. Mr. Arun Kumar Khandelia was initially appointed as IRP but replaced by Mr. Ritesh Agarwal due to disciplinary proceedings. Public announcements were made, and a CoC was formed. Two resolution plans were received from USB Finance Corporation Limited and Rishikesh Hire Purchase And Leasing Company Private Limited. The CoC rejected both plans during its 10th meeting on 24/12/2022. The CoC, with 100% voting share, decided to liquidate the Corporate Debtor under Section 33(2) of the IBC. The CIRP period ended on 31/12/2022. Mr. Ritesh Agarwal consented to act as the Liquidator. The Adjudicating Authority considered the CoC's decision and the absence of an
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The Adjudicating Authority ordered the…
Mr. Ritesh Agarwal was appointed as the Interim…
The case involves an application (IA(IBC)/33(KB)2023) filed by the Resolution Professional (RP) of Predicate Consultants Private Limited, the Corporate Debtor, seeking liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Predicate Consultants Private Limited following a petition filed by SREI Equipment Finance Limited, the Financial Creditor. Mr. Arun Kumar Khandelia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. Ritesh Agarwal due to disciplinary proceedings initiated by the IBBI against Mr. Khandelia.
SREI Equipment Finance Limited initiated CIRP against Predicate Consultants Private Limited under Section 7 of the IBC. Mr. Arun Kumar Khandelia was initially appointed as IRP but replaced by Mr. Ritesh Agarwal due to disciplinary proceedings. Public announcements were made, and a CoC was formed. Two resolution plans were received from USB Finance Corporation Limited and Rishikesh Hire Purchase And Leasing Company Private Limited. The CoC rejected both plans during its 10th meeting on 24/12/2022. The CoC, with 100% voting share, decided to liquidate the Corporate Debtor under Section 33(2) of the IBC. The CIRP period ended on 31/12/2022. Mr. Ritesh Agarwal consented to act as the Liquidator. The Adjudicating Authority considered the CoC's decision and the absence of an
…The Adjudicating Authority ordered the…
Mr. Ritesh Agarwal was appointed as the Interim…