The case involves an application filed by the Resolution Professional (RP) of Varnika Industries Private Limited under Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Servel Electronics Pvt. Ltd under Section 9 of the IBC, 2016, which was admitted on 2019-07-04. The Applicant was appointed as Interim Resolution Professional (IRP) and continued as Resolution Professional. Due to the absence of claims received after a public announcement on 2019-07-17, the CoC was constituted with only one operational creditor, Servel Electronics Pvt. Ltd. The CoC resolved to seek liquidation after the CIRP period, without inviting
…Servel Electronics Pvt. Ltd initiated CIRP against Varnika Industries Private Limited under Section 9 of IBC, 2016. The CIRP was admitted on 2019-07-04. The Resolution Professional was appointed as IRP and continued as RP. No claims were received pursuant to a public announcement on 2019-07-17, resulting in a CoC with only one operational creditor, Servel Electronics Pvt. Ltd. The 2nd CoC meeting on 2019-10-15 revealed that the company had no assets and was only a trading concern. The CoC resolved to seek liquidation without inviting resolution plans and fixed the Liquidator's fee at Rs. 50,000 per month. The application for liquidation was filed on 2020-03-02. The Resolution Professional was frequently absent from hearings, causing delays. The Resolution Professional
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The case involves an application filed by the Resolution Professional (RP) of Varnika Industries Private Limited under Section 33(1)(a) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Servel Electronics Pvt. Ltd under Section 9 of the IBC, 2016, which was admitted on 2019-07-04. The Applicant was appointed as Interim Resolution Professional (IRP) and continued as Resolution Professional. Due to the absence of claims received after a public announcement on 2019-07-17, the CoC was constituted with only one operational creditor, Servel Electronics Pvt. Ltd. The CoC resolved to seek liquidation after the CIRP period, without inviting
…Servel Electronics Pvt. Ltd initiated CIRP against Varnika Industries Private Limited under Section 9 of IBC, 2016. The CIRP was admitted on 2019-07-04. The Resolution Professional was appointed as IRP and continued as RP. No claims were received pursuant to a public announcement on 2019-07-17, resulting in a CoC with only one operational creditor, Servel Electronics Pvt. Ltd. The 2nd CoC meeting on 2019-10-15 revealed that the company had no assets and was only a trading concern. The CoC resolved to seek liquidation without inviting resolution plans and fixed the Liquidator's fee at Rs. 50,000 per month. The application for liquidation was filed on 2020-03-02. The Resolution Professional was frequently absent from hearings, causing delays. The Resolution Professional
…Company Petition filed…
Public announcement…