The case involves multiple applications (IA/652/IB/2020, SR No.824/2020, and IA/552/IB/2020) filed in CP/1183/IB/2018 concerning the Corporate Debtor, M/s. Aascar Film Private Limited. The erstwhile Board of Directors filed IA/652/IB/2020 and SR No.824/2020 seeking relief from the rigors of the Code due to a stale and time-barred debt, and to restore the status quo ante prior to an order dated 19.09.2019, effectively seeking to dissolve the CIRP. IA/552/IB/2020 was filed by Mr. Madhan Kumar, seeking acceptance of his Expression of Interest and a stay on the Committee of Creditors' decision towards liquidation.
M/s. Aascar Film Private Limited is undergoing CIRP. The erstwhile Board of Directors filed IA/652/IB/2020 and SR No.824/2020 seeking relief from the rigors of the Code, arguing that the debt was stale and time-barred, and seeking to restore the status quo ante prior to the order dated 19.09.2019. Mr. V. Ravichandran, the Suspended Director, represented the Corporate Debtor in these applications. Mr. Madhan Kumar filed IA/552/IB/2020 seeking acceptance of his Expression of Interest, which was submitted belatedly. The Resolution Professional published an invitation for Expression of Interest in the newspaper "Business Standard", Chennai Edition, dated 03.12.2019, with a last date for submission of 18.12.2019. The 5th CoC meeting decided to go for liquidation.
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An order was passed in C.P.No. 1183/IB/2018,…
The Resolution Professional published an…
The case involves multiple applications (IA/652/IB/2020, SR No.824/2020, and IA/552/IB/2020) filed in CP/1183/IB/2018 concerning the Corporate Debtor, M/s. Aascar Film Private Limited. The erstwhile Board of Directors filed IA/652/IB/2020 and SR No.824/2020 seeking relief from the rigors of the Code due to a stale and time-barred debt, and to restore the status quo ante prior to an order dated 19.09.2019, effectively seeking to dissolve the CIRP. IA/552/IB/2020 was filed by Mr. Madhan Kumar, seeking acceptance of his Expression of Interest and a stay on the Committee of Creditors' decision towards liquidation.
M/s. Aascar Film Private Limited is undergoing CIRP. The erstwhile Board of Directors filed IA/652/IB/2020 and SR No.824/2020 seeking relief from the rigors of the Code, arguing that the debt was stale and time-barred, and seeking to restore the status quo ante prior to the order dated 19.09.2019. Mr. V. Ravichandran, the Suspended Director, represented the Corporate Debtor in these applications. Mr. Madhan Kumar filed IA/552/IB/2020 seeking acceptance of his Expression of Interest, which was submitted belatedly. The Resolution Professional published an invitation for Expression of Interest in the newspaper "Business Standard", Chennai Edition, dated 03.12.2019, with a last date for submission of 18.12.2019. The 5th CoC meeting decided to go for liquidation.
…An order was passed in C.P.No. 1183/IB/2018,…
The Resolution Professional published an…