The case involves applications IA-2595/2025 and IA-2602/2025 in the matter of the Corporate Insolvency Resolution Process (CIRP) of Emergent Traders Pvt Ltd. IA-2595/2025 seeks directions for the CoC to participate effectively in the CIRP or initiate liquidation, while IA-2602/2025 is an application by Bhabani Pigments Pvt. Ltd. to withdraw its claim.
Bhabani Pigments Pvt Ltd. initiated the CIRP against Emergent Traders Pvt Ltd.
The CoC consists of two members: Bhabani Pigments Pvt Ltd. (48.73% voting share) and Wel Intertrade Pvt Ltd. (51.27% voting share).
Bhabani Pigments Pvt Ltd. sought to withdraw its claim from the CIRP.
Wel Intertrade Pvt Ltd. expressed willingness to liquidate the corporate debtor.
The CoC members did not approve the publication of Form G or the liquidation of the corporate debtor.
The CIRP period was extended by 1001 days by the tribunal.
The Resolution Professional, Mr. Ajay Gupta, stated that there is no provision to allow withdrawal of claim by a financial creditor after admission.
The tribunal appointed Mr. Harish Taneja as the liquidator.
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Order passed in…
Order passed extending…
The case involves applications IA-2595/2025 and IA-2602/2025 in the matter of the Corporate Insolvency Resolution Process (CIRP) of Emergent Traders Pvt Ltd. IA-2595/2025 seeks directions for the CoC to participate effectively in the CIRP or initiate liquidation, while IA-2602/2025 is an application by Bhabani Pigments Pvt. Ltd. to withdraw its claim.
Bhabani Pigments Pvt Ltd. initiated the CIRP against Emergent Traders Pvt Ltd.
The CoC consists of two members: Bhabani Pigments Pvt Ltd. (48.73% voting share) and Wel Intertrade Pvt Ltd. (51.27% voting share).
Bhabani Pigments Pvt Ltd. sought to withdraw its claim from the CIRP.
Wel Intertrade Pvt Ltd. expressed willingness to liquidate the corporate debtor.
The CoC members did not approve the publication of Form G or the liquidation of the corporate debtor.
The CIRP period was extended by 1001 days by the tribunal.
The Resolution Professional, Mr. Ajay Gupta, stated that there is no provision to allow withdrawal of claim by a financial creditor after admission.
The tribunal appointed Mr. Harish Taneja as the liquidator.
Order passed in…
Order passed extending…