The case pertains to an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking an order for the liquidation of the Corporate Debtor, Techno Power Combines Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-09-02. The applicant, Mr. Narayanaswamy Nageswaran, was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were held, during which the applicant informed the CoC of his unwillingness to continue as the Resolution Professional (RP). The CoC ultimately decided to liquidate the Corporate Debtor due to various factors, including the lack of available assets and the non-cooperation of the Directors. An
…The Corporate Insolvency Resolution Process (CIRP) of Techno Power Combines Private Limited was initiated on 2021-09-02. Mr. Narayanaswamy Nageswaran was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were convened. During the first CoC meeting on 2021-10-04, the IRP expressed his unwillingness to continue as the Resolution Professional (RP). The IRP also stated that he was unable to access information regarding the assets of the Corporate Debtor. The CoC decided to liquidate the Corporate Debtor on 2022-03-25. The decision was unanimous, with 100% voting in favor of liquidation. The reasons for liquidation included the lack of available assets, the non-cooperation of the Directors, and the fact that the sole
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
Mr. Narayanaswamy…
The case pertains to an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking an order for the liquidation of the Corporate Debtor, Techno Power Combines Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-09-02. The applicant, Mr. Narayanaswamy Nageswaran, was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were held, during which the applicant informed the CoC of his unwillingness to continue as the Resolution Professional (RP). The CoC ultimately decided to liquidate the Corporate Debtor due to various factors, including the lack of available assets and the non-cooperation of the Directors. An
…The Corporate Insolvency Resolution Process (CIRP) of Techno Power Combines Private Limited was initiated on 2021-09-02. Mr. Narayanaswamy Nageswaran was appointed as the Interim Resolution Professional (IRP). Several Committee of Creditors (CoC) meetings were convened. During the first CoC meeting on 2021-10-04, the IRP expressed his unwillingness to continue as the Resolution Professional (RP). The IRP also stated that he was unable to access information regarding the assets of the Corporate Debtor. The CoC decided to liquidate the Corporate Debtor on 2022-03-25. The decision was unanimous, with 100% voting in favor of liquidation. The reasons for liquidation included the lack of available assets, the non-cooperation of the Directors, and the fact that the sole
…Corporate Insolvency Resolution Process…
Mr. Narayanaswamy…