The case involves an application for the liquidation of Vipul S-Plastocrafts Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Trimurti Services, the Operational Creditor, which was admitted on 2019-03-11. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The CoC was informed about the Expression of Interest (EOIs) received from prospective resolution applicants, but none of them complied with the eligibility criteria. The CoC did not approve a resolution plan within the CIRP period, nor could they extend the period. The applicant sought liquidation of the Corporate Debtor.
On 2019-03-11, the Tribunal admitted a petition filed by Trimurti Services, the Operational Creditor, initiating CIRP against Vipul S-Plastocrafts Private Limited, the Corporate Debtor. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The IRP informed the CoC about receiving EOIs from prospective resolution applicants, but none met the eligibility criteria. The CoC failed to approve a resolution plan or extend the CIRP period. The CIRP period was set to expire on 2019-09-06. The applicant sought an extension of the CIRP period by 90 days, but the resolution for extension only gathered 62.60% of the voting share, against the required 66%. The Corporate Debtor continued to operate during the CIRP period and even made a modest profit. The
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Company Petit…
The Tribunal admitted…
The case involves an application for the liquidation of Vipul S-Plastocrafts Private Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by Trimurti Services, the Operational Creditor, which was admitted on 2019-03-11. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The CoC was informed about the Expression of Interest (EOIs) received from prospective resolution applicants, but none of them complied with the eligibility criteria. The CoC did not approve a resolution plan within the CIRP period, nor could they extend the period. The applicant sought liquidation of the Corporate Debtor.
On 2019-03-11, the Tribunal admitted a petition filed by Trimurti Services, the Operational Creditor, initiating CIRP against Vipul S-Plastocrafts Private Limited, the Corporate Debtor. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The IRP informed the CoC about receiving EOIs from prospective resolution applicants, but none met the eligibility criteria. The CoC failed to approve a resolution plan or extend the CIRP period. The CIRP period was set to expire on 2019-09-06. The applicant sought an extension of the CIRP period by 90 days, but the resolution for extension only gathered 62.60% of the voting share, against the required 66%. The Corporate Debtor continued to operate during the CIRP period and even made a modest profit. The
…Company Petit…
The Tribunal admitted…