The case involves an application under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation against Way Automotives Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. Ardhendu Shekhar Raut was appointed as the Resolution Professional. Despite efforts to find a resolution plan, none were received within the stipulated time frame.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Way Automotives Pvt. Ltd. under Section 10 of the IBC, 2016, and was admitted on 2022-06-06. Mr. Ardhendu Shekhar Raut was appointed as the interim resolution professional and later as the Resolution Professional. Several CoC meetings were held to explore resolution plans, but no plan was received by the deadline of 2022-10-19. The CoC, in its 6th meeting on 2023-01-31, resolved to liquidate the Corporate Debtor due to the absence of any prospective resolution applicant. The applicant, Mr. Ardhendu Shekhar Raut, sought an order for liquidation. The Adjudicating Authority considered the CoC's decision and the lack of a resolution plan and decided to liquidate the Corporate Debtor. Mr. Ardhendu
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The Corporate Insolvency Resolution Process…
Mr. Ardhendu Shekhar Raut was appointed as…
The case involves an application under Sections 33 and 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation against Way Automotives Pvt. Ltd., the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, and Mr. Ardhendu Shekhar Raut was appointed as the Resolution Professional. Despite efforts to find a resolution plan, none were received within the stipulated time frame.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Way Automotives Pvt. Ltd. under Section 10 of the IBC, 2016, and was admitted on 2022-06-06. Mr. Ardhendu Shekhar Raut was appointed as the interim resolution professional and later as the Resolution Professional. Several CoC meetings were held to explore resolution plans, but no plan was received by the deadline of 2022-10-19. The CoC, in its 6th meeting on 2023-01-31, resolved to liquidate the Corporate Debtor due to the absence of any prospective resolution applicant. The applicant, Mr. Ardhendu Shekhar Raut, sought an order for liquidation. The Adjudicating Authority considered the CoC's decision and the lack of a resolution plan and decided to liquidate the Corporate Debtor. Mr. Ardhendu
…The Corporate Insolvency Resolution Process…
Mr. Ardhendu Shekhar Raut was appointed as…