The Corporate Insolvency Resolution Process (CIRP) was initiated against Johnson Watch Company Private Limited (Corporate Debtor) by Swiss Promotions Private Limited (Operational Creditor). Mr. Pushpinder Kumar was appointed as Interim Resolution Professional (IRP). Despite multiple extensions of the CIRP period and three invitations for Expressions of Interest (EoIs), no feasible or compliant resolution plan was approved by the Committee of Creditors (CoC). Resolution plans submitted by the ex-directors and other Prospective Resolution Applicants (PRAs), including Evolve Lifestyle LLP, were either conditional, incomplete, or rejected by the CoC. Consequently, the CoC unanimously resolved to liquidate the Corporate Debtor.
A petition was filed under Section 9 of the IBC by Swiss Promotions Private Limited (Operational Creditor) to initiate CIRP against Johnson Watch Company Private Limited (Corporate Debtor).
The Adjudicating Authority (AA) admitted the Corporate Debtor into CIRP on 17.01.2024 and appointed Mr. Pushpinder Kumar as the Interim Resolution Professional (IRP).
The IRP made a public announcement in Form-A on 20.01.2024, inviting claims from creditors.
A settlement was proposed by the ex-directors, and a withdrawal application (IA-518/2024) was filed but later withdrawn due to failure to reach a settlement.
The Committee of Creditors (CoC) was constituted, and its constitution was taken on record by the AA on 13.05.2024.
…Sign in to view the parties.
The Adjudicating Authority admitted Johnson…
The IRP made a public…
The Corporate Insolvency Resolution Process (CIRP) was initiated against Johnson Watch Company Private Limited (Corporate Debtor) by Swiss Promotions Private Limited (Operational Creditor). Mr. Pushpinder Kumar was appointed as Interim Resolution Professional (IRP). Despite multiple extensions of the CIRP period and three invitations for Expressions of Interest (EoIs), no feasible or compliant resolution plan was approved by the Committee of Creditors (CoC). Resolution plans submitted by the ex-directors and other Prospective Resolution Applicants (PRAs), including Evolve Lifestyle LLP, were either conditional, incomplete, or rejected by the CoC. Consequently, the CoC unanimously resolved to liquidate the Corporate Debtor.
A petition was filed under Section 9 of the IBC by Swiss Promotions Private Limited (Operational Creditor) to initiate CIRP against Johnson Watch Company Private Limited (Corporate Debtor).
The Adjudicating Authority (AA) admitted the Corporate Debtor into CIRP on 17.01.2024 and appointed Mr. Pushpinder Kumar as the Interim Resolution Professional (IRP).
The IRP made a public announcement in Form-A on 20.01.2024, inviting claims from creditors.
A settlement was proposed by the ex-directors, and a withdrawal application (IA-518/2024) was filed but later withdrawn due to failure to reach a settlement.
The Committee of Creditors (CoC) was constituted, and its constitution was taken on record by the AA on 13.05.2024.
…The Adjudicating Authority admitted Johnson…
The IRP made a public…