The case pertains to an application filed by the Resolution Professional under Sections 33 & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Prathyusha Resources & Infra Private Limited, and the appointment of Mr. K. Sivalingam as Liquidator.
The NCLT, Amaravati admitted the petition under Section 7 of the IBC on 03.11.2021, initiating CIRP for M/s. Prathyusha Resources & Infra Private Limited.
Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP).
The IRP issued a public announcement on 06.11.2021 and constituted a Committee of Creditors (CoC) on 24.11.2021.
Several CoC meetings were held, but no viable resolution plan was received.
The CoC resolved to liquidate the Corporate Debtor in the 5th CoC meeting held on 03.03.2022.
The CoC fixed the liquidator's fee at Rs.1,50,000/- per month for the purpose of going concern sale for a period of 90 days.
The NCLT allowed the application and appointed Mr. K. Sivalingam as the Liquidator.
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The NCLT, Amaravati…
The Interim Re…
The case pertains to an application filed by the Resolution Professional under Sections 33 & 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of the Corporate Debtor, M/s. Prathyusha Resources & Infra Private Limited, and the appointment of Mr. K. Sivalingam as Liquidator.
The NCLT, Amaravati admitted the petition under Section 7 of the IBC on 03.11.2021, initiating CIRP for M/s. Prathyusha Resources & Infra Private Limited.
Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP).
The IRP issued a public announcement on 06.11.2021 and constituted a Committee of Creditors (CoC) on 24.11.2021.
Several CoC meetings were held, but no viable resolution plan was received.
The CoC resolved to liquidate the Corporate Debtor in the 5th CoC meeting held on 03.03.2022.
The CoC fixed the liquidator's fee at Rs.1,50,000/- per month for the purpose of going concern sale for a period of 90 days.
The NCLT allowed the application and appointed Mr. K. Sivalingam as the Liquidator.
The NCLT, Amaravati…
The Interim Re…