The case involves an application (I.A. (IB) No. 53/KB/2024) in a Company Petition (IB) No. 100/KB/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant, Mr. Manish Kumar, a suspended director of Wearit Global Limited (under CIRP), sought relaxation of eligibility criteria, specifically the minimum tangible net worth of Rs. 15 crores, to submit an Expression of Interest (EoI) and a resolution plan. The Corporate Debtor, Wearit Global Limited, is a registered MSME. The Resolution Professional (RP), Rachna Jhunjunwala, and the Committee of Creditors (CoC) are the respondents. The CoC had previously declined to provide the requested relief, citing the applicant's failure to submit the requisite Earnest Money Deposit (EMD).
Wearit Global Limited, a registered MSME under the MSMED Act, 2006 since 2021-12-14, was admitted into CIRP on 2022-04-08. Following the CIRP admission, the Resolution Professional (RP) issued an invitation for Expression of Interest (EoI) on 2023-11-20, with a deadline of 2023-12-20. Mr. Manish Kumar, the suspended director of Wearit Global Limited, sought relaxation of the eligibility criterion, specifically the minimum tangible net worth of Rs. 15 crores, to submit an EoI and a resolution plan. The CoC deliberated on the issue of exemptions for the applicant as an MSME during meetings on 2023-12-20 but did not agree to provide the relief. The CoC also noted that the applicant had not submitted the required Earnest Money Deposit (EMD). On 2023-12-22, the RP informed
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The Insolven…
Wearit Global Limited…
The case involves an application (I.A. (IB) No. 53/KB/2024) in a Company Petition (IB) No. 100/KB/2019 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant, Mr. Manish Kumar, a suspended director of Wearit Global Limited (under CIRP), sought relaxation of eligibility criteria, specifically the minimum tangible net worth of Rs. 15 crores, to submit an Expression of Interest (EoI) and a resolution plan. The Corporate Debtor, Wearit Global Limited, is a registered MSME. The Resolution Professional (RP), Rachna Jhunjunwala, and the Committee of Creditors (CoC) are the respondents. The CoC had previously declined to provide the requested relief, citing the applicant's failure to submit the requisite Earnest Money Deposit (EMD).
Wearit Global Limited, a registered MSME under the MSMED Act, 2006 since 2021-12-14, was admitted into CIRP on 2022-04-08. Following the CIRP admission, the Resolution Professional (RP) issued an invitation for Expression of Interest (EoI) on 2023-11-20, with a deadline of 2023-12-20. Mr. Manish Kumar, the suspended director of Wearit Global Limited, sought relaxation of the eligibility criterion, specifically the minimum tangible net worth of Rs. 15 crores, to submit an EoI and a resolution plan. The CoC deliberated on the issue of exemptions for the applicant as an MSME during meetings on 2023-12-20 but did not agree to provide the relief. The CoC also noted that the applicant had not submitted the required Earnest Money Deposit (EMD). On 2023-12-22, the RP informed
…The Insolven…
Wearit Global Limited…