Mr. SRINIVASA RAO IDUPULAPATI, erstwhile Chief Promoter and Managing Director of M/s. ISR Infra Pvt. Limited (Corporate Debtor), appealed against an NCLT order dated 10.05.2021, which directed the liquidation of the Corporate Debtor under Section 33(1)(a) of the IBC. The Appellant argued that liquidation was premature and that he had made efforts for settlement with the Financial Creditor (Indian Overseas Bank) and revival of the CD. The CD's account had become an NPA, and CIRP was initiated by an Operational Creditor, whose dues were later settled by the Appellant.
Mr. SRINIVASA RAO IDUPULAPATI (Appellant) was the erstwhile Chief Promoter and Managing Director of M/s. ISR Infra Pvt. Limited (Corporate Debtor).
The Ld. NCLT Amravati bench passed an order dated 10.05.2021 in IA No. 176/2019, allowing the application for liquidation of the Corporate Debtor under Section 33(1)(a) of the I & B Code, 2016.
The Appellant's grievance is that liquidation was resorted to without exploring resolution possibilities first.
The Appellant claims to have made efforts to settle dues with the major Financial Creditor, Indian Overseas Bank, including pursuing OTS proposals.
The OTS proposal was declined by the Financial Creditor, resulting in the invocation of Section 33(1) of the I & B Code.
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Appellant established a partnership firm for…
Committee of Creditors…
Mr. SRINIVASA RAO IDUPULAPATI, erstwhile Chief Promoter and Managing Director of M/s. ISR Infra Pvt. Limited (Corporate Debtor), appealed against an NCLT order dated 10.05.2021, which directed the liquidation of the Corporate Debtor under Section 33(1)(a) of the IBC. The Appellant argued that liquidation was premature and that he had made efforts for settlement with the Financial Creditor (Indian Overseas Bank) and revival of the CD. The CD's account had become an NPA, and CIRP was initiated by an Operational Creditor, whose dues were later settled by the Appellant.
Mr. SRINIVASA RAO IDUPULAPATI (Appellant) was the erstwhile Chief Promoter and Managing Director of M/s. ISR Infra Pvt. Limited (Corporate Debtor).
The Ld. NCLT Amravati bench passed an order dated 10.05.2021 in IA No. 176/2019, allowing the application for liquidation of the Corporate Debtor under Section 33(1)(a) of the I & B Code, 2016.
The Appellant's grievance is that liquidation was resorted to without exploring resolution possibilities first.
The Appellant claims to have made efforts to settle dues with the major Financial Creditor, Indian Overseas Bank, including pursuing OTS proposals.
The OTS proposal was declined by the Financial Creditor, resulting in the invocation of Section 33(1) of the I & B Code.
…Appellant established a partnership firm for…
Committee of Creditors…