The case involves a Company Appeal concerning the initiation of liquidation proceedings against M/s. Ravi Cranes and Movers Limited, the Corporate Debtor (CD). CIRP was initiated against the principal borrower, M/s. RCM Infrastructure Limited, and subsequently against Ravi Cranes and Movers. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor after CIRP proceedings could not be successfully completed. An intervention application was filed by M/s. Maximus ARC Limited, the assignee of the debt of Union Bank of India, seeking to keep the liquidation in abeyance to explore alternative resolution avenues. The Adjudicating Authority ordered liquidation, leading to the present appeal.
The Corporate Debtor, M/s. Ravi Cranes and Movers Limited, faced CIRP proceedings initiated by Indian Overseas Bank on 2022-09-26. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP). The CIRP period was extended to allow for resolution plans, but these efforts failed. On 2024-04-08, the CoC resolved to liquidate the Corporate Debtor with 100% voting shares. An application for liquidation was filed under Section 33(2) of the I&B Code. Maximus ARC Limited, assignee of Union Bank of India's debt with 61.38% voting share, filed an intervention application on 2024-09-05, seeking to keep the liquidation in abeyance to explore alternative resolution. The Adjudicating Authority reserved its order on the liquidation application on 2024-09-02
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CIRP proceeding initiated against M/s. RCM…
Extension of CIRP was refused, and liquidation…
The case involves a Company Appeal concerning the initiation of liquidation proceedings against M/s. Ravi Cranes and Movers Limited, the Corporate Debtor (CD). CIRP was initiated against the principal borrower, M/s. RCM Infrastructure Limited, and subsequently against Ravi Cranes and Movers. The Committee of Creditors (CoC) resolved to liquidate the Corporate Debtor after CIRP proceedings could not be successfully completed. An intervention application was filed by M/s. Maximus ARC Limited, the assignee of the debt of Union Bank of India, seeking to keep the liquidation in abeyance to explore alternative resolution avenues. The Adjudicating Authority ordered liquidation, leading to the present appeal.
The Corporate Debtor, M/s. Ravi Cranes and Movers Limited, faced CIRP proceedings initiated by Indian Overseas Bank on 2022-09-26. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP). The CIRP period was extended to allow for resolution plans, but these efforts failed. On 2024-04-08, the CoC resolved to liquidate the Corporate Debtor with 100% voting shares. An application for liquidation was filed under Section 33(2) of the I&B Code. Maximus ARC Limited, assignee of Union Bank of India's debt with 61.38% voting share, filed an intervention application on 2024-09-05, seeking to keep the liquidation in abeyance to explore alternative resolution. The Adjudicating Authority reserved its order on the liquidation application on 2024-09-02
…CIRP proceeding initiated against M/s. RCM…
Extension of CIRP was refused, and liquidation…