The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Ved Contracts Pvt. Ltd. The CIRP commenced on 2019-09-25, but no resolution plan was received within the stipulated time, including the extended period of 330 days. The Resolution Professional (RP) filed IA-378/2021 for liquidation of the Corporate Debtor (CD).
The CIRP of M/s. Ved Contracts Pvt. Ltd. commenced on 2019-09-25. The tenth meeting of the Committee of Creditors (CoC) was convened on 2020-01-04, where it was noted that the CIRP period of 330 days had expired, and no resolution plan had been received. The RP informed the CoC that the Corporate Debtor should move into liquidation, as per Sections 33(1) and 34(1) of the IBC. No resolution plan was received even after the expiry of the 330-day period. IA-378/2021 was filed for liquidation. IA-44/2023 was filed by Atul Paper (Pvt.) Ltd., seeking to revive the CD, but the court found this to be a delaying tactic, especially since Atul Paper was occupying the CD's property. The RP's application for exclusion of time (IA-5336/2020) was rejected on 2020-12-23. More than two
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The Corporate Insolvency Resolution Process…
The tenth meeting of the Committee of Creditors…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Ved Contracts Pvt. Ltd. The CIRP commenced on 2019-09-25, but no resolution plan was received within the stipulated time, including the extended period of 330 days. The Resolution Professional (RP) filed IA-378/2021 for liquidation of the Corporate Debtor (CD).
The CIRP of M/s. Ved Contracts Pvt. Ltd. commenced on 2019-09-25. The tenth meeting of the Committee of Creditors (CoC) was convened on 2020-01-04, where it was noted that the CIRP period of 330 days had expired, and no resolution plan had been received. The RP informed the CoC that the Corporate Debtor should move into liquidation, as per Sections 33(1) and 34(1) of the IBC. No resolution plan was received even after the expiry of the 330-day period. IA-378/2021 was filed for liquidation. IA-44/2023 was filed by Atul Paper (Pvt.) Ltd., seeking to revive the CD, but the court found this to be a delaying tactic, especially since Atul Paper was occupying the CD's property. The RP's application for exclusion of time (IA-5336/2020) was rejected on 2020-12-23. More than two
…The Corporate Insolvency Resolution Process…
The tenth meeting of the Committee of Creditors…