The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order for AKR Home Depot Private Limited. The Resolution Professional filed the application based on a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of liquidation. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 04.02.2019, and Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement, collated claims amounting to ₹11.90 Crores, and constituted the CoC on 08.03.2019. The IRP stated that no asset was found in the Company except a third-party asset upon which loan was taken from the sole Financial Creditor,
…AKR Home Depot Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under the Insolvency and Bankruptcy Code (IBC), 2016. Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP) and later as the liquidator. The IRP made a public announcement and collated claims amounting to ₹11.90 Crores. The Committee of Creditors (CoC), consisting of the sole financial creditor, Indian Overseas Bank, voted with 100% majority in favor of liquidating the company. The primary reason for liquidation was the absence of any viable assets within the company, except for a third-party asset against which a loan was taken from Indian Overseas Bank. The Resolution Professional then filed an application before the National Company Law
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The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking a liquidation order for AKR Home Depot Private Limited. The Resolution Professional filed the application based on a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of liquidation. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 04.02.2019, and Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP). The IRP issued a public announcement, collated claims amounting to ₹11.90 Crores, and constituted the CoC on 08.03.2019. The IRP stated that no asset was found in the Company except a third-party asset upon which loan was taken from the sole Financial Creditor,
…AKR Home Depot Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under the Insolvency and Bankruptcy Code (IBC), 2016. Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP) and later as the liquidator. The IRP made a public announcement and collated claims amounting to ₹11.90 Crores. The Committee of Creditors (CoC), consisting of the sole financial creditor, Indian Overseas Bank, voted with 100% majority in favor of liquidating the company. The primary reason for liquidation was the absence of any viable assets within the company, except for a third-party asset against which a loan was taken from Indian Overseas Bank. The Resolution Professional then filed an application before the National Company Law
…The Company Petition…
The IRP issued…
Sign in to view related legal provisions.