The case involves an application under Section 33 of the Insolvency and Bankruptcy Code (IBC) read with IBBI Regulations and Rule 11 of NCLT Rules, 2016. The Applicant/Resolution Professional sought directions to initiate liquidation proceedings for the Corporate Debtor and to appoint Mr. Arunesh Kumar Dubey as the Liquidator. The Committee of Creditors (CoC) had approved the proposal for liquidation as per CIRP Regulation 22 (2) and (3).
Profisor Services Pvt. Ltd. is the Corporate Debtor in this case. An application was filed under Section 33 of the IBC, seeking to initiate liquidation proceedings. The application was filed by the Applicant/Resolution Professional. The Committee of Creditors (CoC) approved the proposal for liquidation. The Resolution Professional complied with the order dated 30.09.2022 and explained the resolution and liquidation process to the CoC, filing a compliance affidavit. The key fact is that the CoC approved the liquidation, leading to the court's decision to initiate the proceedings.
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The case involves an application under Section 33 of the Insolvency and Bankruptcy Code (IBC) read with IBBI Regulations and Rule 11 of NCLT Rules, 2016. The Applicant/Resolution Professional sought directions to initiate liquidation proceedings for the Corporate Debtor and to appoint Mr. Arunesh Kumar Dubey as the Liquidator. The Committee of Creditors (CoC) had approved the proposal for liquidation as per CIRP Regulation 22 (2) and (3).
Profisor Services Pvt. Ltd. is the Corporate Debtor in this case. An application was filed under Section 33 of the IBC, seeking to initiate liquidation proceedings. The application was filed by the Applicant/Resolution Professional. The Committee of Creditors (CoC) approved the proposal for liquidation. The Resolution Professional complied with the order dated 30.09.2022 and explained the resolution and liquidation process to the CoC, filing a compliance affidavit. The key fact is that the CoC approved the liquidation, leading to the court's decision to initiate the proceedings.
Court issued an order…
The court allowed the application for…
Sign in to view related legal provisions.