The case involves a corporate insolvency resolution process (CIRP) initiated against M/s. GB Engineering Enterprises Private Limited under Section 10 of the I&B Code, 2016. The CIRP was triggered after the corporate debtor filed an application. A moratorium was declared, and an Interim Resolution Professional (IRP), Mr. R. Sundaram, was appointed. Subsequently, the CoC proposed the appointment of Ms. CS Satyadevi Alamuri as the Resolution Professional, which was approved by the Adjudicating Authority. Despite efforts, no resolution plan was received within the stipulated CIRP period. The CoC, in its 4th meeting, concluded that there was no scope for a resolution plan and resolved to file an application for liquidation.
M/s. GB Engineering Enterprises Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the I&B Code, 2016. The CIRP commenced after the application was admitted, and a moratorium was declared. Mr. R. Sundaram was appointed as the Interim Resolution Professional (IRP). Subsequently, Ms. CS Satyadevi Alamuri was appointed as the Resolution Professional. An invitation for 'Expression of Interest' (EoI) was advertised, but no resolution plan was submitted. The Corporate Debtor's operations were described as minuscule with high overheads and low production capacity. The Committee of Creditors (CoC) unanimously decided that there was no scope for a resolution plan and resolved to file an application for liquidation. The CIRP period
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The Authority admitted the application and…
The CoC in its 1st Meeting proposed to appoint…
The case involves a corporate insolvency resolution process (CIRP) initiated against M/s. GB Engineering Enterprises Private Limited under Section 10 of the I&B Code, 2016. The CIRP was triggered after the corporate debtor filed an application. A moratorium was declared, and an Interim Resolution Professional (IRP), Mr. R. Sundaram, was appointed. Subsequently, the CoC proposed the appointment of Ms. CS Satyadevi Alamuri as the Resolution Professional, which was approved by the Adjudicating Authority. Despite efforts, no resolution plan was received within the stipulated CIRP period. The CoC, in its 4th meeting, concluded that there was no scope for a resolution plan and resolved to file an application for liquidation.
M/s. GB Engineering Enterprises Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the I&B Code, 2016. The CIRP commenced after the application was admitted, and a moratorium was declared. Mr. R. Sundaram was appointed as the Interim Resolution Professional (IRP). Subsequently, Ms. CS Satyadevi Alamuri was appointed as the Resolution Professional. An invitation for 'Expression of Interest' (EoI) was advertised, but no resolution plan was submitted. The Corporate Debtor's operations were described as minuscule with high overheads and low production capacity. The Committee of Creditors (CoC) unanimously decided that there was no scope for a resolution plan and resolved to file an application for liquidation. The CIRP period
…The Authority admitted the application and…
The CoC in its 1st Meeting proposed to appoint…