The case involves the resolution plan submitted for M/s Sovereign Industries Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 28.03.2023. The resolution plan was submitted by M/s Shri Dutt India Private Limited.
M/s Sovereign Industries Limited was admitted into CIRP on 28.03.2023.
M/s Shri Dutt India Private Limited submitted a resolution plan for Sovereign Industries Limited.
The Resolution Plan was approved by CoC with 99.22% voting.
The Adjudicating Authority found deficiencies in the Resolution Plan related to the IEM, land valuation, and compliance with regulations.
The Adjudicating Authority rejected the Resolution Plan.
Liquidation of Sovereign Industries Limited was ordered, and Mr. Addanki Haresh was appointed as the Liquidator.
The initiation of CIRP was found to be potentially fraudulent.
The Performance Bank Guarantee furnished by the Successful Resolution Applicant had expired.
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Corporate Debtor (CD)…
Ritesh R. Mahajan…
The case involves the resolution plan submitted for M/s Sovereign Industries Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 28.03.2023. The resolution plan was submitted by M/s Shri Dutt India Private Limited.
M/s Sovereign Industries Limited was admitted into CIRP on 28.03.2023.
M/s Shri Dutt India Private Limited submitted a resolution plan for Sovereign Industries Limited.
The Resolution Plan was approved by CoC with 99.22% voting.
The Adjudicating Authority found deficiencies in the Resolution Plan related to the IEM, land valuation, and compliance with regulations.
The Adjudicating Authority rejected the Resolution Plan.
Liquidation of Sovereign Industries Limited was ordered, and Mr. Addanki Haresh was appointed as the Liquidator.
The initiation of CIRP was found to be potentially fraudulent.
The Performance Bank Guarantee furnished by the Successful Resolution Applicant had expired.
Corporate Debtor (CD)…
Ritesh R. Mahajan…