The case involves the Corporate Insolvency Resolution Process (CIRP) of Usher Eco Power Ltd. initiated by the National Company Law Tribunal (NCLT) Mumbai Bench. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to liquidate the assets of the company after no resolution plan was received. The applicant sought liquidation of the Corporate Debtor.
Reliance Commercial Financial Ltd initiated CIRP against Usher Eco Power Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.06.2022 following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) held its first meeting on 26.07.2022. The 5th CoC meeting on 02.02.2023 resulted in a resolution to liquidate the company with 71.13% approval. The liquidation cost of Rs. 70,31,500/- was approved by the CoC. Form G was published on 10.09.2022 to invite expressions of interest, resulting in 14 prospective resolution applicants. The last date for submitting a resolution plan was 09.11.2022, but no plan was received. The
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Corporate Insolvency Resolution Process…
The first meeting of…
The case involves the Corporate Insolvency Resolution Process (CIRP) of Usher Eco Power Ltd. initiated by the National Company Law Tribunal (NCLT) Mumbai Bench. An application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the appointment of an Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to liquidate the assets of the company after no resolution plan was received. The applicant sought liquidation of the Corporate Debtor.
Reliance Commercial Financial Ltd initiated CIRP against Usher Eco Power Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 27.06.2022 following the admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) held its first meeting on 26.07.2022. The 5th CoC meeting on 02.02.2023 resulted in a resolution to liquidate the company with 71.13% approval. The liquidation cost of Rs. 70,31,500/- was approved by the CoC. Form G was published on 10.09.2022 to invite expressions of interest, resulting in 14 prospective resolution applicants. The last date for submitting a resolution plan was 09.11.2022, but no plan was received. The
…Corporate Insolvency Resolution Process…
The first meeting of…