The case involves an application filed by the Resolution Professional (RP) of Avani Energy Solutions Private Limited, the Corporate Debtor, seeking an order for liquidation. Philips Lighting India Limited, an Operational Creditor, had initiated Corporate Insolvency Resolution Process (CIRP) against Avani Energy Solutions Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition. Initially, Mr. Sreenivasa Rao Ravinuthala was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. AVS Krishna Mohan as RP. The CIRP period was extended, but no resolution plan was received. The Committee of Creditors (CoC) eventually decided to liquidate the company.
Philips Lighting India Limited, an Operational Creditor, initiated CIRP against Avani Energy Solutions Private Limited. The Adjudicating Authority admitted the petition on May 11, 2018. Mr. Sreenivasa Rao Ravinuthala was initially appointed as IRP, later replaced by Mr. AVS Krishna Mohan as RP on September 17, 2018. A public announcement was made on May 19, 2018. The RP faced difficulties in accessing the company's books of accounts and tracing assets, leading to a request for an extension of the CIRP period. Notices were issued to 17 debtors for outstanding dues of Rs. 14.79 crores. The CoC, consisting of Union Bank of India and Sidbi Venture Capital Ltd (SVCL), met to discuss the progress of CIRP. Union Bank of India voted in favor of liquidation, while SVCL
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The Adjudicating Authority admitted the…
Mr. Sreenivasa Rao…
The case involves an application filed by the Resolution Professional (RP) of Avani Energy Solutions Private Limited, the Corporate Debtor, seeking an order for liquidation. Philips Lighting India Limited, an Operational Creditor, had initiated Corporate Insolvency Resolution Process (CIRP) against Avani Energy Solutions Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition. Initially, Mr. Sreenivasa Rao Ravinuthala was appointed as the Interim Resolution Professional (IRP), later replaced by Mr. AVS Krishna Mohan as RP. The CIRP period was extended, but no resolution plan was received. The Committee of Creditors (CoC) eventually decided to liquidate the company.
Philips Lighting India Limited, an Operational Creditor, initiated CIRP against Avani Energy Solutions Private Limited. The Adjudicating Authority admitted the petition on May 11, 2018. Mr. Sreenivasa Rao Ravinuthala was initially appointed as IRP, later replaced by Mr. AVS Krishna Mohan as RP on September 17, 2018. A public announcement was made on May 19, 2018. The RP faced difficulties in accessing the company's books of accounts and tracing assets, leading to a request for an extension of the CIRP period. Notices were issued to 17 debtors for outstanding dues of Rs. 14.79 crores. The CoC, consisting of Union Bank of India and Sidbi Venture Capital Ltd (SVCL), met to discuss the progress of CIRP. Union Bank of India voted in favor of liquidation, while SVCL
…The Adjudicating Authority admitted the…
Mr. Sreenivasa Rao…