Bhuwalka Mercantile LLP, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aelis Enterprise Learning And Implementation Solutions Private Limited, the Corporate Debtor, under Section 9 of the IBC. The CIRP was initiated vide order dated 21/03/2022. An Interim Resolution Professional (IRP), Smt. Rashmi Chhawchharia, was appointed. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC consisted of National Skill Development Corporation, the sole Financial Creditor. Despite attempts to find a resolution plan, the CoC rejected the only resolution plan received from AVI Polymers Limited. Consequently, the CoC decided to proceed with the liquidation of the Corporate
…Bhuwalka Mercantile LLP initiated CIRP against Aelis Enterprise Learning And Implementation Solutions Private Limited. The CIRP was initiated on 21/03/2022. Smt. Rashmi Chhawchharia was appointed as the IRP. Public announcements were made, and a CoC was formed, comprising National Skill Development Corporation as the sole Financial Creditor. The CoC held eleven meetings during the CIRP period. Form G was published inviting Expression of Interest from prospective resolution applicants. Only one resolution plan was received from AVI Polymers Limited on 07/09/2022. The CoC rejected the resolution plan on 15/09/2022 due to the applicant's lack of experience in the skilling industry and concerns about NSDC partnership. The CIRP period ended on 16/09/2022. The RP filed
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Corporate Insolvency Resolution Process…
Public announcement made in "Financial…
Bhuwalka Mercantile LLP, the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Aelis Enterprise Learning And Implementation Solutions Private Limited, the Corporate Debtor, under Section 9 of the IBC. The CIRP was initiated vide order dated 21/03/2022. An Interim Resolution Professional (IRP), Smt. Rashmi Chhawchharia, was appointed. Public announcements were made inviting claims from creditors, and a Committee of Creditors (CoC) was formed. The CoC consisted of National Skill Development Corporation, the sole Financial Creditor. Despite attempts to find a resolution plan, the CoC rejected the only resolution plan received from AVI Polymers Limited. Consequently, the CoC decided to proceed with the liquidation of the Corporate
…Bhuwalka Mercantile LLP initiated CIRP against Aelis Enterprise Learning And Implementation Solutions Private Limited. The CIRP was initiated on 21/03/2022. Smt. Rashmi Chhawchharia was appointed as the IRP. Public announcements were made, and a CoC was formed, comprising National Skill Development Corporation as the sole Financial Creditor. The CoC held eleven meetings during the CIRP period. Form G was published inviting Expression of Interest from prospective resolution applicants. Only one resolution plan was received from AVI Polymers Limited on 07/09/2022. The CoC rejected the resolution plan on 15/09/2022 due to the applicant's lack of experience in the skilling industry and concerns about NSDC partnership. The CIRP period ended on 16/09/2022. The RP filed
…Corporate Insolvency Resolution Process…
Public announcement made in "Financial…