The case involves an application (IA-2358/2021) filed for the liquidation of Sainov Spirits Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed the application enclosing a resolution dated 2021-04-24, passed by the Committee of Creditors (CoC) with 100% voting share, resolving to liquidate the Corporate Debtor (CD). The CoC's decision was based on the fact that no resolution plan was approved within the stipulated time frame.
Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sainov Spirits Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) resolved with 100% voting share to liquidate Sainov Spirits Private Limited, the Corporate Debtor. This decision was made because no resolution plan was approved within the stipulated timeframe. The Resolution Professional (RP) then filed an application (IA-2358/2021) before the Adjudicating Authority (NCLT) seeking an order for liquidation. The CoC's resolution was passed on 2021-04-24. The Adjudicating Authority considered the provisions of Section 33 of the IBC, 2016, which deals with the initiation of liquidation. The Corporate Debtor is Sainov Spirits Private
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The Committee of Creditors passed a resolution…
The Adjudicating Authority ordered the…
The case involves an application (IA-2358/2021) filed for the liquidation of Sainov Spirits Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed the application enclosing a resolution dated 2021-04-24, passed by the Committee of Creditors (CoC) with 100% voting share, resolving to liquidate the Corporate Debtor (CD). The CoC's decision was based on the fact that no resolution plan was approved within the stipulated time frame.
Corporation Bank initiated Corporate Insolvency Resolution Process (CIRP) against Sainov Spirits Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) resolved with 100% voting share to liquidate Sainov Spirits Private Limited, the Corporate Debtor. This decision was made because no resolution plan was approved within the stipulated timeframe. The Resolution Professional (RP) then filed an application (IA-2358/2021) before the Adjudicating Authority (NCLT) seeking an order for liquidation. The CoC's resolution was passed on 2021-04-24. The Adjudicating Authority considered the provisions of Section 33 of the IBC, 2016, which deals with the initiation of liquidation. The Corporate Debtor is Sainov Spirits Private
…The Committee of Creditors passed a resolution…
The Adjudicating Authority ordered the…