The case pertains to an application filed by the liquidator of Trident Tools Limited, seeking dissolution of the corporate debtor under Section 54 of the Insolvency & Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated following a Company Petition filed by the Financial Creditor, Punjab National Bank, under Section 7 of the Code, which was admitted on September 18, 2019. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Despite efforts to find a resolution plan, the CoC rejected the received plan and decided to liquidate the Corporate Debtor in its Sixth Meeting held on February 24, 2020. The applicant was then appointed as the Liquidator.
The case involves the liquidation of Trident Tools Limited following the rejection of a resolution plan during the Corporate Insolvency Resolution Process (CIRP). Punjab National Bank initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on September 18, 2019, with the appointment of an Interim Resolution Professional (IRP), Mr. Nitin Vishwanath Panchal. A Committee of Creditors (CoC) was formed, but the resolution plan was rejected, leading to a decision to liquidate the company on February 24, 2020. Mr. Dilipkumar Natvarlal Jagad was appointed as the Liquidator. The Liquidator conducted five meetings with stakeholders, sold the company's assets through e-auction, and distributed the realized amount. The assets included
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Company Petition No. 82 of 2019 filed by Punjab…
Mr. Nitin Vishwanath…
The case pertains to an application filed by the liquidator of Trident Tools Limited, seeking dissolution of the corporate debtor under Section 54 of the Insolvency & Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated following a Company Petition filed by the Financial Creditor, Punjab National Bank, under Section 7 of the Code, which was admitted on September 18, 2019. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. Despite efforts to find a resolution plan, the CoC rejected the received plan and decided to liquidate the Corporate Debtor in its Sixth Meeting held on February 24, 2020. The applicant was then appointed as the Liquidator.
The case involves the liquidation of Trident Tools Limited following the rejection of a resolution plan during the Corporate Insolvency Resolution Process (CIRP). Punjab National Bank initiated the CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on September 18, 2019, with the appointment of an Interim Resolution Professional (IRP), Mr. Nitin Vishwanath Panchal. A Committee of Creditors (CoC) was formed, but the resolution plan was rejected, leading to a decision to liquidate the company on February 24, 2020. Mr. Dilipkumar Natvarlal Jagad was appointed as the Liquidator. The Liquidator conducted five meetings with stakeholders, sold the company's assets through e-auction, and distributed the realized amount. The assets included
…Company Petition No. 82 of 2019 filed by Punjab…
Mr. Nitin Vishwanath…