The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, UT Limited, due to the expiry of the CIRP period without an approved resolution plan. The CIRP was initiated following a petition by Vinnarasi Industries, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) resolved to initiate liquidation and appoint Mr. Anang Kumar Shandilya as the liquidator.
Vinnarasi Industries, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against UT Limited. Mr. Pranab Kumar Chakraborty was initially appointed as the Interim Resolution Professional (IRP). The IRP was later replaced by Mr. Kamal Narayan Jain, who was subsequently replaced by Mr. Anang Kumar Shandilya. The Committee of Creditors (CoC) was formed, including Antriksh Vyapaar Limited as a financial creditor. The CoC resolved to replace the IRP with Mr. Kamal Narayan Jain. Despite inviting Expressions of Interest (EoI), no prospective resolution applicants were interested in submitting a resolution plan. The CoC then resolved to initiate
…Sign in to view the parties.
Adjudicating Authority directed initiation of…
Mr. Kamal Narayan Jain replaced the initial…
Sign in to view related legal provisions.
The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, UT Limited, due to the expiry of the CIRP period without an approved resolution plan. The CIRP was initiated following a petition by Vinnarasi Industries, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) resolved to initiate liquidation and appoint Mr. Anang Kumar Shandilya as the liquidator.
Vinnarasi Industries, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against UT Limited. Mr. Pranab Kumar Chakraborty was initially appointed as the Interim Resolution Professional (IRP). The IRP was later replaced by Mr. Kamal Narayan Jain, who was subsequently replaced by Mr. Anang Kumar Shandilya. The Committee of Creditors (CoC) was formed, including Antriksh Vyapaar Limited as a financial creditor. The CoC resolved to replace the IRP with Mr. Kamal Narayan Jain. Despite inviting Expressions of Interest (EoI), no prospective resolution applicants were interested in submitting a resolution plan. The CoC then resolved to initiate
…Adjudicating Authority directed initiation of…
Mr. Kamal Narayan Jain replaced the initial…
Sign in to view related legal provisions.