The case involves an application filed on 23.10.2018 by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Acasia Tele Services Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Acasia Tele Services Pvt Ltd on 20th March, 2018, following an order by the National Company Law Tribunal (NCLT) under section 9 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a Committee of Creditors (CoC) was constituted. The CoC ultimately decided to liquidate the company due to its poor financial condition and lack of viable resolution plans.
Acasia Tele Services Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated by GTL Ltd. (Operational Creditor) on 20th March, 2018, due to a default of Rs. 97,15,41,848. The debt comprised trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The company had not been operational for over a year, had no employees, and incurred losses in FY 2015-16, 2016-17, and 2017-18. The Committee of Creditors (CoC) was formed, and after considering the company's financial condition and the absence of any transactions under sections 43, 45, 50 or 66 of the Insolvency and Bankruptcy Code, 2016, decided to liquidate the company. The liquidation value was assessed at
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The case involves an application filed on 23.10.2018 by the Resolution Professional (RP) under Section 33 of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Acasia Tele Services Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against Acasia Tele Services Pvt Ltd on 20th March, 2018, following an order by the National Company Law Tribunal (NCLT) under section 9 of the Insolvency and Bankruptcy Code, 2016. During the CIRP, a Committee of Creditors (CoC) was constituted. The CoC ultimately decided to liquidate the company due to its poor financial condition and lack of viable resolution plans.
Acasia Tele Services Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated by GTL Ltd. (Operational Creditor) on 20th March, 2018, due to a default of Rs. 97,15,41,848. The debt comprised trade receivables from Lenity Trading Private Limited, Lexical Trading Private Limited, and Tele Solutions Private Limited, which had merged with the Debtor. The company had not been operational for over a year, had no employees, and incurred losses in FY 2015-16, 2016-17, and 2017-18. The Committee of Creditors (CoC) was formed, and after considering the company's financial condition and the absence of any transactions under sections 43, 45, 50 or 66 of the Insolvency and Bankruptcy Code, 2016, decided to liquidate the company. The liquidation value was assessed at
…Date of NCLT order initiating Corporate…
Certified copy…