The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Resolution Professional (RP) filed IA No.543/2023 seeking permission to issue fresh Form G to invite Prospective Resolution Applicants (PRAs) and keep the liquidation application (IA No.147/2021) in abeyance. The CIRP was initiated based on a petition filed under Section 9 of the IBC, which was admitted on January 23, 2020. The RP made public announcements, and the Committee of Creditors (COC) held meetings. Two valuers were appointed to assess the assets and liquidation value of the Corporate Debtor, which was estimated at Rs.11.27 Cr. The COC passed a resolution to publish Form G, and despite
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Ramnath Developers Private Limited based on a Section 9 petition, admitted on January 23, 2020. Mr. Ganga Ram Agarwal served as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and two valuers were appointed to assess the assets, estimating the liquidation value at Rs. 11.27 Cr. Form G was published to invite Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Despite extensions, the resolution plan was disapproved by the COC with a 92.73% vote. The RP then discussed liquidation or revival options with the COC. The COC decided to liquidate the Corporate Debtor with an 83.97% vote. The RP filed IA No.147/2021 to initiate liquidation. The COC
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Petition under Section 9 of the Insolvency and…
Resolution passed for publication of Form G…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The Resolution Professional (RP) filed IA No.543/2023 seeking permission to issue fresh Form G to invite Prospective Resolution Applicants (PRAs) and keep the liquidation application (IA No.147/2021) in abeyance. The CIRP was initiated based on a petition filed under Section 9 of the IBC, which was admitted on January 23, 2020. The RP made public announcements, and the Committee of Creditors (COC) held meetings. Two valuers were appointed to assess the assets and liquidation value of the Corporate Debtor, which was estimated at Rs.11.27 Cr. The COC passed a resolution to publish Form G, and despite
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Ramnath Developers Private Limited based on a Section 9 petition, admitted on January 23, 2020. Mr. Ganga Ram Agarwal served as the Resolution Professional (RP). The Committee of Creditors (COC) was formed, and two valuers were appointed to assess the assets, estimating the liquidation value at Rs. 11.27 Cr. Form G was published to invite Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Despite extensions, the resolution plan was disapproved by the COC with a 92.73% vote. The RP then discussed liquidation or revival options with the COC. The COC decided to liquidate the Corporate Debtor with an 83.97% vote. The RP filed IA No.147/2021 to initiate liquidation. The COC
…Petition under Section 9 of the Insolvency and…
Resolution passed for publication of Form G…