VRV Textiles Limited filed a company petition CP(IB)/26/10/AMR/2021 under Section 10 of IBC, 2016, which was admitted on 2021-10-26. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP issued public notices inviting claims, but no claims were received from financial creditors, resulting in a CoC consisting only of operational creditors. The CoC meetings were poorly attended. The IRP could not take possession of any assets. The CoC approved the liquidation of the Corporate Debtor. The applicant expressed willingness to act as Liquidator. The Tribunal allowed IA(IBC)/92/2022 for liquidation on 2022-05-31. The Corporate Debtor has no assets, and the CoC was uncooperative. The Liquidator requested the Tribunal to dissolve the Corporate Debtor.

VRV Textiles Limited filed a company petition CP(IB)/26/10/AMR/2021 under Section 10 of IBC, 2016, which was admitted on 2021-10-26. The applicant was appointed as the Interim Resolution Professional (IRP). The IRP issued public notices inviting claims, but no claims were received from financial creditors, resulting in a CoC consisting only of operational creditors. The CoC meetings were poorly attended. The IRP could not take possession of any assets. The CoC approved the liquidation of the Corporate Debtor. The applicant expressed willingness to act as Liquidator. The Tribunal allowed IA(IBC)/92/2022 for liquidation on 2022-05-31. The Corporate Debtor has no assets, and the CoC was uncooperative. The Liquidator requested the Tribunal to dissolve the Corporate Debtor.