The case pertains to an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, A.B.M. Concrete Pvt. Ltd., and the appointment of a Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Financial Creditor, Oriental Bank of Commerce, under Section 7 of the IBC, 2016. Despite efforts, no resolution plan was received, and the Committee of Creditors (CoC) decided to liquidate the Corporate Debtor.
The Resolution Professional (RP), Mr. Aditya Agarwal, filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of A.B.M. Concrete Pvt. Ltd. The CIRP was initiated based on an application by Oriental Bank of Commerce under Section 7 of the IBC. The Corporate Debtor was in continuous default of statutory filings and lacked financial statements. The CoC, primarily Oriental Bank of Commerce, determined that there was significant erosion in the value of the Corporate Debtor and no viable resolution plan was received. The RP's efforts to obtain information from the ex-management were unsuccessful. The CoC resolved to liquidate the Corporate Debtor and authorized the RP to file the necessary liquidation
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The Bench admitted the application for…
Verified claims…
The case pertains to an application filed by the Resolution Professional (RP) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, A.B.M. Concrete Pvt. Ltd., and the appointment of a Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Financial Creditor, Oriental Bank of Commerce, under Section 7 of the IBC, 2016. Despite efforts, no resolution plan was received, and the Committee of Creditors (CoC) decided to liquidate the Corporate Debtor.
The Resolution Professional (RP), Mr. Aditya Agarwal, filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of A.B.M. Concrete Pvt. Ltd. The CIRP was initiated based on an application by Oriental Bank of Commerce under Section 7 of the IBC. The Corporate Debtor was in continuous default of statutory filings and lacked financial statements. The CoC, primarily Oriental Bank of Commerce, determined that there was significant erosion in the value of the Corporate Debtor and no viable resolution plan was received. The RP's efforts to obtain information from the ex-management were unsuccessful. The CoC resolved to liquidate the Corporate Debtor and authorized the RP to file the necessary liquidation
…The Bench admitted the application for…
Verified claims…