The Interlocutory Application IA(IBC)/41/2025 was filed by Dr. Kondapalli Venkat Srinivas, Liquidator of M/s. Veda Biofuel Limited, seeking to report the completion of the sale of the Corporate Debtor as a going concern. The application was filed under section 35 read with section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, along with relevant regulations and rules.
The Adjudicating Authority ordered liquidation of M/s. Veda Biofuel Limited on 26.05.2020 and appointed Mr. Sisir Kumar Appikatta as the initial liquidator.
Mr. Vijay Kumar Penmetsa, the promoter of the Corporate Debtor, filed an appeal against the liquidation order, which resulted in a stay on the auction notice.
The Adjudicating Authority later held the appointment of Mr. Sisir Kumar Appikatta as illegal and appointed the Applicant, Dr. Kondapalli Venkat Srinivas, as the new liquidator on 03.09.2021.
The Applicant appointed two registered valuers to determine the realisable value of the Corporate Debtor's assets.
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Adjudicating Authority…
Erstwhile Liquidator…
The Interlocutory Application IA(IBC)/41/2025 was filed by Dr. Kondapalli Venkat Srinivas, Liquidator of M/s. Veda Biofuel Limited, seeking to report the completion of the sale of the Corporate Debtor as a going concern. The application was filed under section 35 read with section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, along with relevant regulations and rules.
The Adjudicating Authority ordered liquidation of M/s. Veda Biofuel Limited on 26.05.2020 and appointed Mr. Sisir Kumar Appikatta as the initial liquidator.
Mr. Vijay Kumar Penmetsa, the promoter of the Corporate Debtor, filed an appeal against the liquidation order, which resulted in a stay on the auction notice.
The Adjudicating Authority later held the appointment of Mr. Sisir Kumar Appikatta as illegal and appointed the Applicant, Dr. Kondapalli Venkat Srinivas, as the new liquidator on 03.09.2021.
The Applicant appointed two registered valuers to determine the realisable value of the Corporate Debtor's assets.
…Adjudicating Authority…
Erstwhile Liquidator…