The case involves an application filed by Mr. Vipin Agarwal, the promoter of the Corporate Debtor, seeking intervention in I.A. No. 2623 of 2021, which was filed by the Resolution Professional (RP) for the initiation of liquidation of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on October 14, 2019. The Committee of Creditors (CoC) was constituted, and resolution plans were rejected due to being below the liquidation value. The CoC then resolved to initiate liquidation. The Applicant argues that as the suspended Director of a 'Medium' enterprise under the MSME Act, he is entitled to submit a resolution plan, especially since the initial valuation was outdated and instances of theft had eroded the Corporate
…The Corporate Debtor was admitted into CIRP on October 14, 2019. Mr. Atul Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed and later confirmed the RP. The 1st CoC Meeting was held on December 24, 2019, where two registered valuers were appointed. The present Respondent was appointed as the new RP on August 2, 2021, after the Covid-19 pandemic. Three resolution plans were rejected by the CoC on October 4, 2021, because they were below the liquidation value. The CoC resolved to initiate liquidation on October 23, 2021, and the Respondent filed I.A. No. 2623 of 2021 under Section 33 of the Code. The Applicant, the suspended Director, claims the Corporate Debtor is a 'Medium' enterprise under the MSME Act,
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Corporate Debtor…
1st CoC Meeting held,…
The case involves an application filed by Mr. Vipin Agarwal, the promoter of the Corporate Debtor, seeking intervention in I.A. No. 2623 of 2021, which was filed by the Resolution Professional (RP) for the initiation of liquidation of the Corporate Debtor. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on October 14, 2019. The Committee of Creditors (CoC) was constituted, and resolution plans were rejected due to being below the liquidation value. The CoC then resolved to initiate liquidation. The Applicant argues that as the suspended Director of a 'Medium' enterprise under the MSME Act, he is entitled to submit a resolution plan, especially since the initial valuation was outdated and instances of theft had eroded the Corporate
…The Corporate Debtor was admitted into CIRP on October 14, 2019. Mr. Atul Jain was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed and later confirmed the RP. The 1st CoC Meeting was held on December 24, 2019, where two registered valuers were appointed. The present Respondent was appointed as the new RP on August 2, 2021, after the Covid-19 pandemic. Three resolution plans were rejected by the CoC on October 4, 2021, because they were below the liquidation value. The CoC resolved to initiate liquidation on October 23, 2021, and the Respondent filed I.A. No. 2623 of 2021 under Section 33 of the Code. The Applicant, the suspended Director, claims the Corporate Debtor is a 'Medium' enterprise under the MSME Act,
…Corporate Debtor…
1st CoC Meeting held,…