NCLT New Delhi Orders Liquidation Of Samtex Desinz Private Limited Under Section 33 Of IBC
NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors...
NCLT New Delhi has ordered for Liquidation of Samtex Desinz Private Limited (“Corporate Debtor”) under section 33 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 02.09.2021. Public announcements for inviting claims were made and the Committee of Creditors (“CoC”) was constituted with only one Financial Creditor i.e. Orator Marketing Private Limited having 100% voting share.
Legal Notices were sent to 74 debtors of the Corporate Debtor from whom money was to be recovered by the Corporate Debtor. Further, Form G was published for inviting Expression of Interest by Prospective Resolution Applicants on 06.04.2022. However, since no resolution plan was received, the CoC in its 5th meeting passed resolution for liquidation of the Corporate Debtor.
The business operations of the Corporate Debtor were shut down in 2020. The NCLT approved the Liquidation application being satisfied that it was in compliance of IBC, 2016 and its various regulations there under.
Samtex Desinz Private Limited was a non-government company involved in dressing and dyeing of fur and manufacture of articles of fur.
Case No.
I.A. 2447/ND/2022 in Company Petition No. (IB) – 908/ND/2020
Case Name
Orator Marketing Private Limited vs Samtex Desinz Private Limited