The appeals arise from the Corporate Insolvency Resolution Process (CIRP) initiated by the Financial Creditor, Maximus Asset Reconstruction Company Limited, against the Corporate Debtor, M/s Krishna Industrial Corporation Limited. The Adjudicating Authority (National Company Law Tribunal, Chennai) sought liquidation of the Corporate Debtor under Section 33(2) of the I&B Code due to the absence of a resolution plan and the promoter group's failure to provide concrete information about a prospective investor. An application was filed under Section 60(5)(c) of the I&B Code seeking to keep the liquidation application in abeyance, but it was dismissed.
Maximus Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Industrial Corporation Limited. The Resolution Professional, S. Rajendran, filed MA/376/2020 before the Adjudicating Authority (NCLT, Chennai) seeking liquidation under Section 33(2) of the I&B Code because no resolution plan was received. The promoter group failed to provide concrete information about a prospective investor. Siva Rama Krishna Prasad, the erstwhile Promoter/Director, filed an application under Section 60(5)(c) to keep the liquidation application in abeyance, claiming a low debt-asset ratio and willingness to settle creditor claims. The Adjudicating Authority dismissed this application, noting the lack of a concrete settlement
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Maximus Asset Reconstruction Company…
Impugned order…
The appeals arise from the Corporate Insolvency Resolution Process (CIRP) initiated by the Financial Creditor, Maximus Asset Reconstruction Company Limited, against the Corporate Debtor, M/s Krishna Industrial Corporation Limited. The Adjudicating Authority (National Company Law Tribunal, Chennai) sought liquidation of the Corporate Debtor under Section 33(2) of the I&B Code due to the absence of a resolution plan and the promoter group's failure to provide concrete information about a prospective investor. An application was filed under Section 60(5)(c) of the I&B Code seeking to keep the liquidation application in abeyance, but it was dismissed.
Maximus Asset Reconstruction Company Limited initiated Corporate Insolvency Resolution Process (CIRP) against M/s Krishna Industrial Corporation Limited. The Resolution Professional, S. Rajendran, filed MA/376/2020 before the Adjudicating Authority (NCLT, Chennai) seeking liquidation under Section 33(2) of the I&B Code because no resolution plan was received. The promoter group failed to provide concrete information about a prospective investor. Siva Rama Krishna Prasad, the erstwhile Promoter/Director, filed an application under Section 60(5)(c) to keep the liquidation application in abeyance, claiming a low debt-asset ratio and willingness to settle creditor claims. The Adjudicating Authority dismissed this application, noting the lack of a concrete settlement
…Maximus Asset Reconstruction Company…
Impugned order…