The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of Advance Powerinfra Tech Limited. The Resolution Professional (RP) filed the application after no one submitted an Expression of Interest (EOI) to participate in the resolution process. Ankit Kumar, an Operational Creditor, had initiated the Corporate Insolvency Resolution Process (CIRP) against Advance Powerinfra Tech Limited. The Corporate Debtor admitted to the default, and an Interim Resolution Professional was appointed. The RP's report indicated that the Corporate Debtor was indebted to various statutory authorities and had engaged in preferential transactions before the CIRP's initiation.
Ankit Kumar, an Operational Creditor, initiated CIRP against Advance Powerinfra Tech Limited. The Corporate Debtor admitted default, leading to the appointment of an Interim Resolution Professional. Despite publication, no one submitted an Expression of Interest (EOI) to participate in the resolution process. The Committee of Creditors (CoC) recommended liquidation. The Resolution Professional's report revealed that the Corporate Debtor was indebted to statutory authorities for Rs. 10.56 crores and had engaged in preferential transactions, disposing of assets before the CIRP's initiation. A freehold land and machinery were disposed of by the corporate debtor. The 180-day CIRP period expired on March 25, 2019. The application for liquidation was filed on March 15, 2019.
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Application filed by Mr. Ankit Kumar was…
Expression of Interest…
The case involves an application filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of Advance Powerinfra Tech Limited. The Resolution Professional (RP) filed the application after no one submitted an Expression of Interest (EOI) to participate in the resolution process. Ankit Kumar, an Operational Creditor, had initiated the Corporate Insolvency Resolution Process (CIRP) against Advance Powerinfra Tech Limited. The Corporate Debtor admitted to the default, and an Interim Resolution Professional was appointed. The RP's report indicated that the Corporate Debtor was indebted to various statutory authorities and had engaged in preferential transactions before the CIRP's initiation.
Ankit Kumar, an Operational Creditor, initiated CIRP against Advance Powerinfra Tech Limited. The Corporate Debtor admitted default, leading to the appointment of an Interim Resolution Professional. Despite publication, no one submitted an Expression of Interest (EOI) to participate in the resolution process. The Committee of Creditors (CoC) recommended liquidation. The Resolution Professional's report revealed that the Corporate Debtor was indebted to statutory authorities for Rs. 10.56 crores and had engaged in preferential transactions, disposing of assets before the CIRP's initiation. A freehold land and machinery were disposed of by the corporate debtor. The 180-day CIRP period expired on March 25, 2019. The application for liquidation was filed on March 15, 2019.
…Application filed by Mr. Ankit Kumar was…
Expression of Interest…