The matter pertains to MA/100/KOB/2020 in IBA/45/KOB/2019 filed before the National Company Law Tribunal (NCLT), Kochi Bench. The Resolution Professional filed the MA seeking liquidation of Adhils Builders and Developers Pvt. Ltd. based on the resolution passed by the Committee of Creditors (CoC). The CoC recommended liquidation due to a lack of response from prospective investors and the belief that continuing the CIRP would reduce the value for stakeholders. The CoC also proposed the appointment of Shri Dileep KP as the liquidator. The Tribunal considered the CoC's resolution and the submissions of the Resolution Professional.
The Corporate Debtor is Adhils Builders and Developers Pvt. Ltd. The Committee of Creditors (CoC), with State Bank of India as the sole financial creditor holding 100% voting power, resolved to liquidate the company due to a lack of response from prospective investors after the information memorandum was discussed on January 21, 2020, and an expression of interest was published on February 5, 2020. The CoC's decision was made during their 5th meeting held on July 30, 2020. The CoC proposed Shri Dileep KP as the liquidator. The CoC also considered the costs of the CIRP, including Rs. 16.88 lakhs, and the dues to the Resolution Professional (RP) amounting to Rs. 12.96 lakhs. The CIRP completion was delayed due to lockdown restrictions. The Bank has moved for physical
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The Tribunal admitted IBA No. 45/KOB/2019 and…
The Committee of Creditors (CC) was…
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The matter pertains to MA/100/KOB/2020 in IBA/45/KOB/2019 filed before the National Company Law Tribunal (NCLT), Kochi Bench. The Resolution Professional filed the MA seeking liquidation of Adhils Builders and Developers Pvt. Ltd. based on the resolution passed by the Committee of Creditors (CoC). The CoC recommended liquidation due to a lack of response from prospective investors and the belief that continuing the CIRP would reduce the value for stakeholders. The CoC also proposed the appointment of Shri Dileep KP as the liquidator. The Tribunal considered the CoC's resolution and the submissions of the Resolution Professional.
The Corporate Debtor is Adhils Builders and Developers Pvt. Ltd. The Committee of Creditors (CoC), with State Bank of India as the sole financial creditor holding 100% voting power, resolved to liquidate the company due to a lack of response from prospective investors after the information memorandum was discussed on January 21, 2020, and an expression of interest was published on February 5, 2020. The CoC's decision was made during their 5th meeting held on July 30, 2020. The CoC proposed Shri Dileep KP as the liquidator. The CoC also considered the costs of the CIRP, including Rs. 16.88 lakhs, and the dues to the Resolution Professional (RP) amounting to Rs. 12.96 lakhs. The CIRP completion was delayed due to lockdown restrictions. The Bank has moved for physical
…The Tribunal admitted IBA No. 45/KOB/2019 and…
The Committee of Creditors (CC) was…
Sign in to view related legal provisions.