The South Indian Bank, acting as the Financial Creditor, filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of M/s. Churakulam Tea Estate, the Corporate Debtor. The application was prompted by the Resolution Applicant, Mr. Jose Pradeep's failure to infuse funds as per the approved Resolution Plan. The Resolution Plan, approved by the Tribunal on 08.01.2021, required the Resolution Applicant to pay an interim fund of Rs.1.60 Crores within two weeks. The Resolution Applicant also sought a modification and extension of the Resolution Plan. The bank argued that the Resolution Applicant contravened the provisions of the approved Resolution Plan. The first meeting of the Monitoring Committee determined the failure to
…The South Indian Bank, the Financial Creditor, filed an application seeking the liquidation of M/s. Churakulam Tea Estate, the Corporate Debtor, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Resolution Plan submitted by Mr. Jose Pradeep was approved by the Tribunal on 08.01.2021. The Resolution Plan required the Resolution Applicant to pay an interim fund of Rs.1.60 Crores within two weeks of the approval date. Mr. Jose Pradeep failed to infuse the funds as agreed. The Resolution Applicant filed an Interlocutory Application seeking modification and extension of the Resolution Plan. The Monitoring Committee determined that the Resolution Applicant failed to infuse funds as provided in the Resolution Plan. The initial payments made were less than
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The Tribunal approved…
The 1st meeting of the Monitoring Committee…
The South Indian Bank, acting as the Financial Creditor, filed an application under Section 33(3) of the Insolvency and Bankruptcy Code, 2016, seeking the liquidation of M/s. Churakulam Tea Estate, the Corporate Debtor. The application was prompted by the Resolution Applicant, Mr. Jose Pradeep's failure to infuse funds as per the approved Resolution Plan. The Resolution Plan, approved by the Tribunal on 08.01.2021, required the Resolution Applicant to pay an interim fund of Rs.1.60 Crores within two weeks. The Resolution Applicant also sought a modification and extension of the Resolution Plan. The bank argued that the Resolution Applicant contravened the provisions of the approved Resolution Plan. The first meeting of the Monitoring Committee determined the failure to
…The South Indian Bank, the Financial Creditor, filed an application seeking the liquidation of M/s. Churakulam Tea Estate, the Corporate Debtor, under Section 33(3) of the Insolvency and Bankruptcy Code, 2016. The Resolution Plan submitted by Mr. Jose Pradeep was approved by the Tribunal on 08.01.2021. The Resolution Plan required the Resolution Applicant to pay an interim fund of Rs.1.60 Crores within two weeks of the approval date. Mr. Jose Pradeep failed to infuse the funds as agreed. The Resolution Applicant filed an Interlocutory Application seeking modification and extension of the Resolution Plan. The Monitoring Committee determined that the Resolution Applicant failed to infuse funds as provided in the Resolution Plan. The initial payments made were less than
…The Tribunal approved…
The 1st meeting of the Monitoring Committee…