The case involves an application (I.A. No.651 of 2019) filed in C.P. (IB) No.67/BB/2019 under Sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016, and related regulations, seeking the liquidation of the Corporate Debtor, M/s. Chincholi Sugar and Bio Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Punjab National Bank under Section 7 of the IBC. The Committee of Creditors (CoC) was formed, and efforts were made to find a resolution plan. However, the resolution plan submitted by Natems Sugar Private Limited was not approved by the CoC with the required majority. Consequently, the applicant sought a liquidation order.
Punjab National Bank initiated CIRP against M/s. Chincholi Sugar and Bio Industries Limited under Section 7 of IBC. The CIRP commenced, and Mr. Madhusudhan Rao Gonugunta was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted the Committee of Creditors (CoC). The CoC held several meetings to explore resolution options, including inviting Expression of Interest (EOI) and considering resolution plans. A resolution plan was submitted by Natems Sugar Private Limited. However, the CoC did not approve the resolution plan with the required majority (91.51% voting rights against). The CIRP period, including the extended period of 270 days, expired on 09.12.2019. As no resolution plan was approved, the Resolution
…Sign in to view the parties.
The Adjudicating Authority admitted CP (IB)…
The Interim Resolution Professional (IRP) made…
The case involves an application (I.A. No.651 of 2019) filed in C.P. (IB) No.67/BB/2019 under Sections 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code (IBC), 2016, and related regulations, seeking the liquidation of the Corporate Debtor, M/s. Chincholi Sugar and Bio Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Punjab National Bank under Section 7 of the IBC. The Committee of Creditors (CoC) was formed, and efforts were made to find a resolution plan. However, the resolution plan submitted by Natems Sugar Private Limited was not approved by the CoC with the required majority. Consequently, the applicant sought a liquidation order.
Punjab National Bank initiated CIRP against M/s. Chincholi Sugar and Bio Industries Limited under Section 7 of IBC. The CIRP commenced, and Mr. Madhusudhan Rao Gonugunta was appointed as the Interim Resolution Professional (IRP). The IRP made public announcements and constituted the Committee of Creditors (CoC). The CoC held several meetings to explore resolution options, including inviting Expression of Interest (EOI) and considering resolution plans. A resolution plan was submitted by Natems Sugar Private Limited. However, the CoC did not approve the resolution plan with the required majority (91.51% voting rights against). The CIRP period, including the extended period of 270 days, expired on 09.12.2019. As no resolution plan was approved, the Resolution
…The Adjudicating Authority admitted CP (IB)…
The Interim Resolution Professional (IRP) made…