The case involves an application (IA 698 of 2020) filed in the matter of the liquidation of ABG Shipyard Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated against ABG Shipyard Limited, and it was admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator attempted to sell the assets of the corporate debtor through public auction (e-auction) starting from 17 September 2019, but failed
…The Corporate Insolvency Resolution Process (CIRP) against ABG Shipyard Limited was initiated and admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator, Sundaresh Bhat, attempted to sell the assets of the Corporate Debtor through public auction (e-auction) starting from 17 September 2019, but failed in four consecutive attempts. The applicant has attempted to understand the local market scenario and learnt regarding the possibility of attracting few buyers. However, the time frame of payment of
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Corporate Insolvency…
Liquidation order was…
The case involves an application (IA 698 of 2020) filed in the matter of the liquidation of ABG Shipyard Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated against ABG Shipyard Limited, and it was admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator attempted to sell the assets of the corporate debtor through public auction (e-auction) starting from 17 September 2019, but failed
…The Corporate Insolvency Resolution Process (CIRP) against ABG Shipyard Limited was initiated and admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator, Sundaresh Bhat, attempted to sell the assets of the Corporate Debtor through public auction (e-auction) starting from 17 September 2019, but failed in four consecutive attempts. The applicant has attempted to understand the local market scenario and learnt regarding the possibility of attracting few buyers. However, the time frame of payment of
…Corporate Insolvency…
Liquidation order was…