The NCLT New Delhi bench has ordered for Liquidation of M/s. Hema Automotive Pvt. Ltd. (“Corporate Debtor”). The Company was admitted into Corporate Insolvency Resolution Process (“CIRP”) on 08.07.2022. Hero Fincorp Ltd (“Financial Creditor”) was the sole member of the Committee of Creditors (“CoC”). The CoC resolved to Liquidate the Corporate Debtor in its 4th meeting with 100% voting as the Company was not a Going Concern since the last 2 years before the initiation of CIRP and all the assets of the Company had already been realized by Hero Fincorp Ltd under the SARFAESI Act, 2002 before commencement of CIRP.
The Adjudicating authority observing that the decision taken by CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority and that extension of time will only result in unnecessary expenses ordered for Liquidation of M/s. Hema Automotive Pvt. Ltd under Section 33 of Insolvency and Bankruptcy Code, 2016.
Case No. Company Petition No. (IB)- 822/(ND) /2021
Case Name: In matter of Mr. Vivek Sharma (IRP of M/s Hema Automotive Pvt. Ltd) in the matter of M/s. Five Ess Precision Components Pvt. Ltd. vs M/s. Hema Automotive Pvt. Ltd
NCLT Orders,NCLT Orders
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