The case involves an application filed by the Resolution Professional (RP) of M/s. Aradhya Wire and Ropes Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval for the initiation of the liquidation process of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on February 12, 2020. The Committee of Creditors (COC) decided to proceed with liquidation due to the company's inability to be revived, considering its assets versus liabilities. The RP was appointed as the liquidator.
M/s. Aradhya Wire and Ropes Private Limited was admitted into CIRP on February 12, 2020, following a petition under Section 10 of the IBC. Mr. V.S. Varun was appointed as the IRP and later confirmed as the RP. The first COC meeting was held on March 13, 2020, where South Indian Bank, the sole member, appointed the IRP as RP. An application to exclude the lockdown period from the CIRP timeline was allowed, excluding 82 days. The 180-day CIRP timeline was extended to October 30, 2020. The COC decided to proceed with liquidation due to the company's financial condition. As of March 31, 2020, the company's liabilities were Rs. 39,60,72,980, while the liquidation value of its assets was Rs. 31,33,009.79. Valuations of plant and machinery, securities, and financial assets
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Adjudicating Authority initiated CIRP in…
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The case involves an application filed by the Resolution Professional (RP) of M/s. Aradhya Wire and Ropes Private Limited under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval for the initiation of the liquidation process of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on February 12, 2020. The Committee of Creditors (COC) decided to proceed with liquidation due to the company's inability to be revived, considering its assets versus liabilities. The RP was appointed as the liquidator.
M/s. Aradhya Wire and Ropes Private Limited was admitted into CIRP on February 12, 2020, following a petition under Section 10 of the IBC. Mr. V.S. Varun was appointed as the IRP and later confirmed as the RP. The first COC meeting was held on March 13, 2020, where South Indian Bank, the sole member, appointed the IRP as RP. An application to exclude the lockdown period from the CIRP timeline was allowed, excluding 82 days. The 180-day CIRP timeline was extended to October 30, 2020. The COC decided to proceed with liquidation due to the company's financial condition. As of March 31, 2020, the company's liabilities were Rs. 39,60,72,980, while the liquidation value of its assets was Rs. 31,33,009.79. Valuations of plant and machinery, securities, and financial assets
…Adjudicating Authority initiated CIRP in…
Mr. V.S.Varun appointed…