The case involves appeals against the orders of Liquidation passed by the Adjudicating Authority. The Resolution Professional submitted that an information memorandum was prepared by the Interim Resolution Professional, but no publication was made in the newspaper calling for a 'resolution plan'. After 180 days, the Adjudicating Authority allowed only 30 days, but in the absence of documents handed over by the Interim Resolution Professional, the present Resolution Professional could not publish the advertisement.
K. Kuppuswamy filed appeals against State Bank of India & Ors. regarding liquidation orders passed by the Adjudicating Authority. An information memorandum was prepared by the Interim Resolution Professional, but it was never published in a newspaper to solicit a resolution plan. The Adjudicating Authority initially allowed 180 days, then granted an additional 30 days. However, due to the Interim Resolution Professional's failure to provide necessary documents, the current Resolution Professional couldn't publish the advertisement. The suspended Board of Directors and promoters were ordered to hand over the company's assets to the liquidator.
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Mr. G.V Ravikumar, Resolution Professional,…
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The case involves appeals against the orders of Liquidation passed by the Adjudicating Authority. The Resolution Professional submitted that an information memorandum was prepared by the Interim Resolution Professional, but no publication was made in the newspaper calling for a 'resolution plan'. After 180 days, the Adjudicating Authority allowed only 30 days, but in the absence of documents handed over by the Interim Resolution Professional, the present Resolution Professional could not publish the advertisement.
K. Kuppuswamy filed appeals against State Bank of India & Ors. regarding liquidation orders passed by the Adjudicating Authority. An information memorandum was prepared by the Interim Resolution Professional, but it was never published in a newspaper to solicit a resolution plan. The Adjudicating Authority initially allowed 180 days, then granted an additional 30 days. However, due to the Interim Resolution Professional's failure to provide necessary documents, the current Resolution Professional couldn't publish the advertisement. The suspended Board of Directors and promoters were ordered to hand over the company's assets to the liquidator.
Mr. G.V Ravikumar, Resolution Professional,…
Appeals posted for…
Sign in to view related legal provisions.