The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Air Pegasus Private Limited. The CIRP was initially triggered by M/s. Skyways Technics A/s. (Petitioner/Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the CIRP on 23.08.2019, appointing Mr. Shirley Mathew as the Interim Resolution Professional (IRP). Subsequently, Mr. M. V. Sudarshan replaced the IRP as the Resolution Professional (RP). Despite efforts to find a resolution plan, including seeking extensions of time, no viable plan was submitted. The company's assets were limited, and its primary asset, the Air Operator Permit (AOP), had expired. The Committee of Creditors (CoC), consisting of Canara Bank with 100% voting rights,
…M/s. Skyways Technics A/s initiated CIRP against M/s. Air Pegasus Private Limited under Section 9 of IBC, 2016. The CIRP was admitted on 23.08.2019. Mr. Shirley Mathew was appointed as IRP, later replaced by Mr. M. V. Sudarshan as RP. Three Expression of Interest (EOI) were received, but no resolution plan was submitted. The RP sought extensions of time. The company's assets were limited, consisting primarily of ground support equipment lying idle at various airports and an expired Air Operator Permit (AOP). The suspended Director of the company expressed inability to identify the assets. The CoC, consisting of Canara Bank with 100% voting rights, approved the dissolution of the Corporate Debtor on 29th May, 2020. The Fair Value and Liquidation Value were NIL. The
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M/s. Skyways Technics A/s filed…
The Adjudicating…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Air Pegasus Private Limited. The CIRP was initially triggered by M/s. Skyways Technics A/s. (Petitioner/Operational Creditor) under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the CIRP on 23.08.2019, appointing Mr. Shirley Mathew as the Interim Resolution Professional (IRP). Subsequently, Mr. M. V. Sudarshan replaced the IRP as the Resolution Professional (RP). Despite efforts to find a resolution plan, including seeking extensions of time, no viable plan was submitted. The company's assets were limited, and its primary asset, the Air Operator Permit (AOP), had expired. The Committee of Creditors (CoC), consisting of Canara Bank with 100% voting rights,
…M/s. Skyways Technics A/s initiated CIRP against M/s. Air Pegasus Private Limited under Section 9 of IBC, 2016. The CIRP was admitted on 23.08.2019. Mr. Shirley Mathew was appointed as IRP, later replaced by Mr. M. V. Sudarshan as RP. Three Expression of Interest (EOI) were received, but no resolution plan was submitted. The RP sought extensions of time. The company's assets were limited, consisting primarily of ground support equipment lying idle at various airports and an expired Air Operator Permit (AOP). The suspended Director of the company expressed inability to identify the assets. The CoC, consisting of Canara Bank with 100% voting rights, approved the dissolution of the Corporate Debtor on 29th May, 2020. The Fair Value and Liquidation Value were NIL. The
…M/s. Skyways Technics A/s filed…
The Adjudicating…