The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor, M/s Purvi Metals Pvt Ltd, seeking approval for the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 17.02.2020. The IRP made a public announcement and constituted a Committee of Creditors (CoC). Due to lockdowns, the process was delayed, and the CoC ultimately decided that liquidation was the only option due to the lack of assets and Expression of Interest.
The Corporate Debtor, M/s Purvi Metals Pvt Ltd, was admitted into CIRP on 17.02.2020. The Interim Resolution Professional (IRP) issued a public announcement on 22.02.2020, inviting claims from creditors. The IRP admitted total claims of Rs. 297,163,886/-. The Committee of Creditors (CoC) was formed, consisting of Union Bank of India (84.66%) and Reliance-AR (15.34%). Due to nationwide lockdowns, the CIRP process was delayed. The CoC did not approve the issuance of Expression of Interest (EoI). An Interlocutory Application was filed for the exclusion of 395 days due to COVID-19 related lockdowns, which was allowed. The CoC concluded that the Corporate Debtor was not a going concern and should be referred for liquidation. No Expression of Interest (EoI) or Resolution
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The Corporate Debtor…
The IRP issued a public…
The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) of the Corporate Debtor, M/s Purvi Metals Pvt Ltd, seeking approval for the liquidation of the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 17.02.2020. The IRP made a public announcement and constituted a Committee of Creditors (CoC). Due to lockdowns, the process was delayed, and the CoC ultimately decided that liquidation was the only option due to the lack of assets and Expression of Interest.
The Corporate Debtor, M/s Purvi Metals Pvt Ltd, was admitted into CIRP on 17.02.2020. The Interim Resolution Professional (IRP) issued a public announcement on 22.02.2020, inviting claims from creditors. The IRP admitted total claims of Rs. 297,163,886/-. The Committee of Creditors (CoC) was formed, consisting of Union Bank of India (84.66%) and Reliance-AR (15.34%). Due to nationwide lockdowns, the CIRP process was delayed. The CoC did not approve the issuance of Expression of Interest (EoI). An Interlocutory Application was filed for the exclusion of 395 days due to COVID-19 related lockdowns, which was allowed. The CoC concluded that the Corporate Debtor was not a going concern and should be referred for liquidation. No Expression of Interest (EoI) or Resolution
…The Corporate Debtor…
The IRP issued a public…