The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of Maharashtra, read with Regulation 30A (1) of CIRP Regulations, 2016. The Resolution Professional (RP) had published Form-G for the invitation of a Resolution Plan on 26.05.2022, which was published in newspapers. However, no expression of interest was received. The agenda for the extension of the CIRP period was rejected by the Committee of Creditors (CoC). Subsequently, the RP proposed liquidation, but the CoC did not vote in favor of it and did not want to liquidate the Corporate Debtor. The CoC decided to withdraw the CIRP of the Corporate Debtor.
Manoj Jain Prop. Maxwell India is the Operational Creditor/Applicant. Romesh Power Products Pvt. Ltd. is the Corporate Debtor/Respondent. The Resolution Professional (RP) published Form-G for invitation of Resolution Plan on 26.05.2022, which was published in newspapers. No expression of interest was received. The agenda for extension of the CIRP period was rejected by the CoC. The RP put an agenda for liquidation, but the CoC did not vote on it. The CoC decided to withdraw the CIRP. The RP had the key to rented premises and some records of the Corporate Debtor. The Bank of Maharashtra is the Financial Creditor.
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The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of Maharashtra, read with Regulation 30A (1) of CIRP Regulations, 2016. The Resolution Professional (RP) had published Form-G for the invitation of a Resolution Plan on 26.05.2022, which was published in newspapers. However, no expression of interest was received. The agenda for the extension of the CIRP period was rejected by the Committee of Creditors (CoC). Subsequently, the RP proposed liquidation, but the CoC did not vote in favor of it and did not want to liquidate the Corporate Debtor. The CoC decided to withdraw the CIRP of the Corporate Debtor.
Manoj Jain Prop. Maxwell India is the Operational Creditor/Applicant. Romesh Power Products Pvt. Ltd. is the Corporate Debtor/Respondent. The Resolution Professional (RP) published Form-G for invitation of Resolution Plan on 26.05.2022, which was published in newspapers. No expression of interest was received. The agenda for extension of the CIRP period was rejected by the CoC. The RP put an agenda for liquidation, but the CoC did not vote on it. The CoC decided to withdraw the CIRP. The RP had the key to rented premises and some records of the Corporate Debtor. The Bank of Maharashtra is the Financial Creditor.
Initiati…
Resolution Professional…