In re Dinesh Kumar Gupta (NCLT Prayagraj)
NCLT Prayagraj held that liquidation of Corporate Debtor [Garvit Innovative Promoters Ltd.] in terms of application filed under section 33(2) of the Insolvency and Bankruptcy Code admitted as approved in 7th CoC meeting. Accordingly, the present application is allowed.
Facts- CIRP was initiated against the Corporate Debtor on 16th February 2023. The present application has been filed under Section 33(2) read with 60(5) of the Insolvency and Bankruptcy Code for seeking to initiate the liquidation process against the Corporate Debtor.
Conclusion- Held that in view of the facts and circumstances given in the present application and also orally submitted, there are no assets in the Corporate Debtor and all the best efforts put in by the IRP/RP to collate the information have also not resulted into any exploration of the assets of the Corporate Debtor. It is therefore, in the interest of the process of law that the CIRP is further taken to its next logical step of initiating the liquidation process against the Corporate Debtor. The CIRP cost which has already been incurred and the liquidation cost which would be required to be incurred would be as per the averments made in the application which already stand approved in the 7th CoC meeting. In view of the above, we allow the present application filed under Section 33(2) of the Code.
