The case involves an application for the early dissolution of M/s. Wadhawan Global Hotels and Resorts Private Limited, a Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) initiated by Ms. Richa Pruthi, an Operational Creditor. The Resolution Professional (RP) filed an application seeking liquidation approval. The Committee of Creditors (CoC), comprising Punjab National Bank, resolved to go for liquidation due to the absence of remaining assets and CBI investigation. The RP was nominated as the liquidator.
Ms. Richa Pruthi, proprietor of System Tech, initiated CIRP against M/s. Wadhawan Global Hotels and Resorts Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. CIRP was initiated on 2023-03-17. The IRP made a public announcement on 2023-03-19. The CoC was formed with Punjab National Bank as the sole financial creditor. The first CoC meeting was held on 2023-04-18, where it was revealed that the Corporate Debtor had no remaining assets, except a stolen car found in broken condition. The books of accounts were not prepared after the financial year 2017-2018, and annual returns were not filed. The office premises were sealed by the CBI. The CoC resolved to go for liquidation and sell the car. The second CoC meeting on 2023-06-08 resolved to
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Company Petiti…
CIRP initiated…
The case involves an application for the early dissolution of M/s. Wadhawan Global Hotels and Resorts Private Limited, a Corporate Debtor, under Section 54(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) initiated by Ms. Richa Pruthi, an Operational Creditor. The Resolution Professional (RP) filed an application seeking liquidation approval. The Committee of Creditors (CoC), comprising Punjab National Bank, resolved to go for liquidation due to the absence of remaining assets and CBI investigation. The RP was nominated as the liquidator.
Ms. Richa Pruthi, proprietor of System Tech, initiated CIRP against M/s. Wadhawan Global Hotels and Resorts Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. CIRP was initiated on 2023-03-17. The IRP made a public announcement on 2023-03-19. The CoC was formed with Punjab National Bank as the sole financial creditor. The first CoC meeting was held on 2023-04-18, where it was revealed that the Corporate Debtor had no remaining assets, except a stolen car found in broken condition. The books of accounts were not prepared after the financial year 2017-2018, and annual returns were not filed. The office premises were sealed by the CBI. The CoC resolved to go for liquidation and sell the car. The second CoC meeting on 2023-06-08 resolved to
…Company Petiti…
CIRP initiated…