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. The CoC did not approve the Expression of Interest, appointment of Resolution Professional, Registered Valuers, and Forensic Auditor. The CoC concluded that the Corporate Debtor was not a going concern and should be referred for liquidation due to the absence of valuable assets.
The Corporate Debtor, M/s Purvi Metals Pvt Ltd, was admitted into CIRP on 17.02.2020. A public announcement was made, and claims of Rs. 297,163,886/- were admitted. The Committee of Creditors (CoC) was formed, consisting of Union Bank of India (84.66%) and Reliance-AR (15.34%). The CoC did not approve the issuance of Expression of Interest (EoI), the appointment of an Interim Resolution Professional, Registered Valuers, or a Forensic Auditor. Lockdowns caused delays, leading to the exclusion of 395 days from the CIRP period. The CoC concluded that the Corporate Debtor was not a going concern and lacked valuable assets. No Expression of Interest or Resolution Plan was received. The CoC approved the liquidation of the Corporate Debtor with 100% voting. The Corporate
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The Corporate Debtor…
The IRP issued…
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. The CoC did not approve the Expression of Interest, appointment of Resolution Professional, Registered Valuers, and Forensic Auditor. The CoC concluded that the Corporate Debtor was not a going concern and should be referred for liquidation due to the absence of valuable assets.
The Corporate Debtor, M/s Purvi Metals Pvt Ltd, was admitted into CIRP on 17.02.2020. A public announcement was made, and claims of Rs. 297,163,886/- were admitted. The Committee of Creditors (CoC) was formed, consisting of Union Bank of India (84.66%) and Reliance-AR (15.34%). The CoC did not approve the issuance of Expression of Interest (EoI), the appointment of an Interim Resolution Professional, Registered Valuers, or a Forensic Auditor. Lockdowns caused delays, leading to the exclusion of 395 days from the CIRP period. The CoC concluded that the Corporate Debtor was not a going concern and lacked valuable assets. No Expression of Interest or Resolution Plan was received. The CoC approved the liquidation of the Corporate Debtor with 100% voting. The Corporate
…The Corporate Debtor…
The IRP issued…