The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the corporate debtor. The Committee of Creditors (CoC) had passed a resolution on 22.11.2019 with 100% voting share to liquidate the corporate debtor. The company petition was admitted on 28.05.2019, and Mr. K.G Somani was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors. The admitted claims aggregated to 348 crores, including financial and operational creditors. The liquidation value of the corporate debtor was determined to be Rs. 20 crores.
State Bank of India initiated a corporate insolvency resolution process against Advance Sufactanta India Ltd. The company petition was admitted on 2019-05-28, and Mr. K.G. Somani was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The total admitted claims amounted to Rs. 348 crores, including both financial and operational creditors. The liquidation value of the corporate debtor was assessed at Rs. 20 crores. The Committee of Creditors (CoC) passed a resolution on 2019-11-22 with 100% voting share to liquidate the corporate debtor, as no expression of interest was received in response to the invitation of the Expression of Interest (EOI). The Resolution Professional (RP) then filed an
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The company petition was admitted, and Mr.…
The IRP issued a public…
The case involves an application filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the corporate debtor. The Committee of Creditors (CoC) had passed a resolution on 22.11.2019 with 100% voting share to liquidate the corporate debtor. The company petition was admitted on 28.05.2019, and Mr. K.G Somani was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement inviting claims from creditors. The admitted claims aggregated to 348 crores, including financial and operational creditors. The liquidation value of the corporate debtor was determined to be Rs. 20 crores.
State Bank of India initiated a corporate insolvency resolution process against Advance Sufactanta India Ltd. The company petition was admitted on 2019-05-28, and Mr. K.G. Somani was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. The total admitted claims amounted to Rs. 348 crores, including both financial and operational creditors. The liquidation value of the corporate debtor was assessed at Rs. 20 crores. The Committee of Creditors (CoC) passed a resolution on 2019-11-22 with 100% voting share to liquidate the corporate debtor, as no expression of interest was received in response to the invitation of the Expression of Interest (EOI). The Resolution Professional (RP) then filed an
…The company petition was admitted, and Mr.…
The IRP issued a public…