The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The initial petition under Section 7 of the IBC was filed by the Financial Creditor, Indiabulls Commercial Credit Limited, against Akhilesh Developers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. Consequently, the Committee of Creditors (CoC) unanimously decided to liquidate the
…Indiabulls Commercial Credit Limited initiated CIRP against Akhilesh Developers Private Limited by filing an application U/s 7 of IBC. The application was admitted on 2019-02-19. Mr. Ravi Prakash Ghanti was appointed as the IRP and later confirmed as the Resolution Professional. Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. The CoC unanimously decided to liquidate the Corporate Debtor in its meeting held on 2019-11-12. The CoC approved an estimate of ₹3 lakhs towards Liquidation Costs, excluding fees of the liquidator. The CoC also approved a fee of 75,000/- plus GST per month for the liquidator for a period of 6 months. The Resolution
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Application U/s 7 of IBC filed by Indiabulls…
Public announcement…
The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The initial petition under Section 7 of the IBC was filed by the Financial Creditor, Indiabulls Commercial Credit Limited, against Akhilesh Developers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP). Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. Consequently, the Committee of Creditors (CoC) unanimously decided to liquidate the
…Indiabulls Commercial Credit Limited initiated CIRP against Akhilesh Developers Private Limited by filing an application U/s 7 of IBC. The application was admitted on 2019-02-19. Mr. Ravi Prakash Ghanti was appointed as the IRP and later confirmed as the Resolution Professional. Public announcements were made to invite claims from creditors. Despite multiple attempts to solicit Expression of Interest (EOI) and Resolution Plans, none were received. The CoC unanimously decided to liquidate the Corporate Debtor in its meeting held on 2019-11-12. The CoC approved an estimate of ₹3 lakhs towards Liquidation Costs, excluding fees of the liquidator. The CoC also approved a fee of 75,000/- plus GST per month for the liquidator for a period of 6 months. The Resolution
…Application U/s 7 of IBC filed by Indiabulls…
Public announcement…