The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, RDG Interior Decoration Exterior Architecture Private Limited, due to the lackadaisical attitude of the Committee of Creditors (CoC) during the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order dated 19.12.2019 by the Adjudicating Authority on a petition filed by Gagan Ferrotech Limited, an Operational Creditor. The RP was appointed as the Interim Resolution Professional (IRP) and later approved as the RP by the CoC. Six CoC meetings were held, but the members showed reluctance in continuing with the CIRP, citing the insignificant net worth of the Corporate Debtor and avoiding their responsibilities as CoC
…The Corporate Debtor, RDG Interior Decoration Exterior Architecture Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Gagan Ferrotech Limited, an Operational Creditor, following an order dated 19.12.2019. Tapan Chakraborty was appointed as the Interim Resolution Professional (IRP) and later approved as the Resolution Professional (RP). Six meetings of the Committee of Creditors (CoC) were held, with the last one on 25.03.2022. The CoC members showed reluctance in continuing the CIRP due to the insignificant net worth of the Corporate Debtor. The Information Memorandum could not be delivered to the CoC members because the confidentiality undertaking was not submitted. No decision was taken towards the publication of Form G for
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Adjudicating Authority…
Committee of C…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, RDG Interior Decoration Exterior Architecture Private Limited, due to the lackadaisical attitude of the Committee of Creditors (CoC) during the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order dated 19.12.2019 by the Adjudicating Authority on a petition filed by Gagan Ferrotech Limited, an Operational Creditor. The RP was appointed as the Interim Resolution Professional (IRP) and later approved as the RP by the CoC. Six CoC meetings were held, but the members showed reluctance in continuing with the CIRP, citing the insignificant net worth of the Corporate Debtor and avoiding their responsibilities as CoC
…The Corporate Debtor, RDG Interior Decoration Exterior Architecture Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Gagan Ferrotech Limited, an Operational Creditor, following an order dated 19.12.2019. Tapan Chakraborty was appointed as the Interim Resolution Professional (IRP) and later approved as the Resolution Professional (RP). Six meetings of the Committee of Creditors (CoC) were held, with the last one on 25.03.2022. The CoC members showed reluctance in continuing the CIRP due to the insignificant net worth of the Corporate Debtor. The Information Memorandum could not be delivered to the CoC members because the confidentiality undertaking was not submitted. No decision was taken towards the publication of Form G for
…Adjudicating Authority…
Committee of C…