The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation for Zenil Traders Pvt. Ltd, the Corporate Debtor. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) since 06.10.2022. The Resolution Professional (RP), Mr. Pranav Damania, filed the application after the Committee of Creditors (CoC) unanimously decided to liquidate the Corporate Debtor due to the lack of viable resolution plans and insufficient funds to cover CIRP costs. Public announcements were made to invite claims from creditors, and a CoC was formed consisting of one operational creditor, Supreways Enterprises Pvt Ltd. Despite efforts to find resolution applicants, no viable proposals
…Zenil Traders Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) since 06.10.2022. Mr. Pranav Damania was appointed as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. An Interlocutory Application (IA) bearing No.3800 of 2022 was filed for seeking to take on record of the Hon'ble Tribunal the report certifying Constitution of CoC. The CoC was formed consisting only of one Operational creditor, Supreways Enterprises Pvt Ltd. Supreways Enterprises Pvt Ltd claimed and had admitted amount of Rs. 10,09,60,000/-. The Hon'ble Tribunal vide order dated 06.10.2022 ordered the Applicant (Supreways Enterprises Pvt Ltd) to deposit as amount of 5,00,000/- with IRP. The CoC approved the CIRP cost. However,
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Corporate Insolvency…
IRP issued Public Announcement in Form A in…
The case involves an application filed under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation for Zenil Traders Pvt. Ltd, the Corporate Debtor. The Corporate Debtor was already undergoing Corporate Insolvency Resolution Process (CIRP) since 06.10.2022. The Resolution Professional (RP), Mr. Pranav Damania, filed the application after the Committee of Creditors (CoC) unanimously decided to liquidate the Corporate Debtor due to the lack of viable resolution plans and insufficient funds to cover CIRP costs. Public announcements were made to invite claims from creditors, and a CoC was formed consisting of one operational creditor, Supreways Enterprises Pvt Ltd. Despite efforts to find resolution applicants, no viable proposals
…Zenil Traders Pvt. Ltd. was undergoing Corporate Insolvency Resolution Process (CIRP) since 06.10.2022. Mr. Pranav Damania was appointed as the Interim Resolution Professional (IRP). Public announcement was made to invite claims from creditors. An Interlocutory Application (IA) bearing No.3800 of 2022 was filed for seeking to take on record of the Hon'ble Tribunal the report certifying Constitution of CoC. The CoC was formed consisting only of one Operational creditor, Supreways Enterprises Pvt Ltd. Supreways Enterprises Pvt Ltd claimed and had admitted amount of Rs. 10,09,60,000/-. The Hon'ble Tribunal vide order dated 06.10.2022 ordered the Applicant (Supreways Enterprises Pvt Ltd) to deposit as amount of 5,00,000/- with IRP. The CoC approved the CIRP cost. However,
…Corporate Insolvency…
IRP issued Public Announcement in Form A in…