The application was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules 2016, seeking the appointment of an Insolvency Professional from the empanelled list as the Liquidator of the Corporate Debtor in place of the Applicant.
Alliance Broadband Services Private Limited filed an application under Section 7 of the IBC Code, which was admitted on September 18, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.
Since there was no resolution plan at the end of the CIRP period, the liquidation of the Corporate Debtor was directed on April 6, 2022.
The Liquidator has carried out the liquidation process and sold one major asset of the Company, being 77500 shares of the Corporate Debtor.
The Disciplinary Committee of IBBI passed an order on April 7, 2025, suspending the registration of the applicant (Liquidator) for 2 years, effective from May 6, 2025.
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Application filed by Alliance Broadband…
Since there was no resolution plan at the end…
The application was filed under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules 2016, seeking the appointment of an Insolvency Professional from the empanelled list as the Liquidator of the Corporate Debtor in place of the Applicant.
Alliance Broadband Services Private Limited filed an application under Section 7 of the IBC Code, which was admitted on September 18, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.
Since there was no resolution plan at the end of the CIRP period, the liquidation of the Corporate Debtor was directed on April 6, 2022.
The Liquidator has carried out the liquidation process and sold one major asset of the Company, being 77500 shares of the Corporate Debtor.
The Disciplinary Committee of IBBI passed an order on April 7, 2025, suspending the registration of the applicant (Liquidator) for 2 years, effective from May 6, 2025.
…Application filed by Alliance Broadband…
Since there was no resolution plan at the end…