The case involves an application filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation for M/s.SSB Structural and Galvanising Private Limited, the Corporate Debtor (CD). The Adjudicating Authority had previously admitted a Company Petition and appointed an Interim Resolution Professional (IRP). The IRP faced non-cooperation from the sole Committee of Creditors (COC) member and the promoters of the CD, hindering the Corporate Insolvency Resolution Process (CIRP). The IRP also filed applications seeking directions to the COC member and exclusion of time from the CIRP period.
The Resolution Professional (RP) filed an application seeking liquidation of M/s.SSB Structural and Galvanising Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP faced significant non-cooperation from the sole member of the Committee of Creditors (COC) and the promoters of the Corporate Debtor. The COC member showed unwillingness to attend meetings and pass resolutions. The IRP was unable to update the Information Memorandum due to lack of information from the suspended directors. The COC did not approve publication expenses for Form G. The IRP sought directions from the Tribunal to compel cooperation from the COC member. The last date for completion
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CP(IB) No. 720/9/HDB/201…
Adjudicating Authority admitted the Company…
The case involves an application filed by the Resolution Professional under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of liquidation for M/s.SSB Structural and Galvanising Private Limited, the Corporate Debtor (CD). The Adjudicating Authority had previously admitted a Company Petition and appointed an Interim Resolution Professional (IRP). The IRP faced non-cooperation from the sole Committee of Creditors (COC) member and the promoters of the CD, hindering the Corporate Insolvency Resolution Process (CIRP). The IRP also filed applications seeking directions to the COC member and exclusion of time from the CIRP period.
The Resolution Professional (RP) filed an application seeking liquidation of M/s.SSB Structural and Galvanising Private Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated, and an Interim Resolution Professional (IRP) was appointed. The IRP faced significant non-cooperation from the sole member of the Committee of Creditors (COC) and the promoters of the Corporate Debtor. The COC member showed unwillingness to attend meetings and pass resolutions. The IRP was unable to update the Information Memorandum due to lack of information from the suspended directors. The COC did not approve publication expenses for Form G. The IRP sought directions from the Tribunal to compel cooperation from the COC member. The last date for completion
…CP(IB) No. 720/9/HDB/201…
Adjudicating Authority admitted the Company…