The case involves an application filed by the Resolution Professional seeking liquidation of Purple Advertising Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by United Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a 100% voting share as no resolution plan was approved.
United Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Purple Advertising Services Private Limited.
The Adjudicating Authority ordered the initiation of CIRP on 29/10/2019.
The first meeting of the CoC was held on 27/11/2019, and the Interim Resolution Professional (IRP) was confirmed as the Resolution Professional (RP).
Two prospective Resolution Applicants, Bohoboss Entertainment Pvt. Ltd. and Veekay Apartments Pvt. Ltd., submitted revised Resolution Plans.
The CoC rejected the resolution plan submitted by Veekay Apartments Pvt. Ltd. for not attaining 66.67% voting share and passed a resolution with 100% voting share for liquidation.
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The case involves an application filed by the Resolution Professional seeking liquidation of Purple Advertising Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by United Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) approved the liquidation of the Corporate Debtor with a 100% voting share as no resolution plan was approved.
United Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of CIRP against Purple Advertising Services Private Limited.
The Adjudicating Authority ordered the initiation of CIRP on 29/10/2019.
The first meeting of the CoC was held on 27/11/2019, and the Interim Resolution Professional (IRP) was confirmed as the Resolution Professional (RP).
Two prospective Resolution Applicants, Bohoboss Entertainment Pvt. Ltd. and Veekay Apartments Pvt. Ltd., submitted revised Resolution Plans.
The CoC rejected the resolution plan submitted by Veekay Apartments Pvt. Ltd. for not attaining 66.67% voting share and passed a resolution with 100% voting share for liquidation.
…Adjudicating Authority ordered the initiation of…
The first meeting of…