The case pertains to IA/547/CHE/2021 filed in CP/1011/IB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 44 and 47A of the IBBI (Liquidation Process) Regulations, 2016. The application seeks an extension of the liquidation period for M/s. AKR Holdings Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-11-15, and the liquidation order was passed on 2019-06-07. The liquidator, N. Kumar, faced non-cooperation from the suspended directors of the corporate debtor and was unable to complete the liquidation process within the initial two-year period due to the COVID-19 pandemic and subsequent lockdowns.
On 2018-11-15, the Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AKR Holdings Private Limited by an Financial Creditor. Mr. Muthuiah Thevar Rajapandian was appointed as the Interim Resolution Professional (IRP). On 2019-06-07, the Tribunal ordered the liquidation of the Corporate Debtor and appointed the Applicant as the Liquidator. The Liquidator faced non-cooperation from the promoter/suspended directors of the Corporate Debtor, who refused to hand over documents and records. The Liquidator identified fraudulent transactions carried out by the erstwhile management, which are subject to pending adjudication in IA/157/2021 and IA/159/2021. An application, IA/73/2021, seeking directions against tenants illegally occupying the Corporate
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Corporate Insolvency Resolution Process…
Tribunal ordered the liquidation of the…
The case pertains to IA/547/CHE/2021 filed in CP/1011/IB/2018 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Regulations 44 and 47A of the IBBI (Liquidation Process) Regulations, 2016. The application seeks an extension of the liquidation period for M/s. AKR Holdings Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-11-15, and the liquidation order was passed on 2019-06-07. The liquidator, N. Kumar, faced non-cooperation from the suspended directors of the corporate debtor and was unable to complete the liquidation process within the initial two-year period due to the COVID-19 pandemic and subsequent lockdowns.
On 2018-11-15, the Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. AKR Holdings Private Limited by an Financial Creditor. Mr. Muthuiah Thevar Rajapandian was appointed as the Interim Resolution Professional (IRP). On 2019-06-07, the Tribunal ordered the liquidation of the Corporate Debtor and appointed the Applicant as the Liquidator. The Liquidator faced non-cooperation from the promoter/suspended directors of the Corporate Debtor, who refused to hand over documents and records. The Liquidator identified fraudulent transactions carried out by the erstwhile management, which are subject to pending adjudication in IA/157/2021 and IA/159/2021. An application, IA/73/2021, seeking directions against tenants illegally occupying the Corporate
…Corporate Insolvency Resolution Process…
Tribunal ordered the liquidation of the…