The case involves I.A.No.145/2020 in C.P.(IB)No.101/BB/2018 filed by Mr. Srikantiah Shivaswamy, the Resolution Professional of GCL Pvt. Ltd., seeking to initiate the liquidation process of the Corporate Debtor (GCL Pvt. Ltd.) and to direct the Secured Creditor to participate in the liquidation process. Initially, Mr. R. N. Manoharan had filed C.P.(IB)No.101/BB/2018 under Section 9 of the IBC, which was admitted, initiating CIRP and appointing Shri Shivadutt Bannanje as IRP. Subsequently, the CoC, with Canara Bank as the sole financial creditor, decided to replace the IRP with Mr. Srikantiah Shivaswamy. Despite efforts, no viable resolution plan was received, leading to the decision to liquidate the Corporate Debtor.
Mr. R. N. Manoharan initially filed C.P.(IB)No.101/BB/2018 under Section 9 of the IBC against GCL Pvt. Ltd. due to a default of Rs.20,70,807/-, leading to the initiation of CIRP on 2019-05-01. Shri Shivadutt Bannanje was appointed as the initial IRP. The CoC, consisting solely of Canara Bank, voted against retaining Shri Shivadutt Bannanje as RP and decided to appoint Mr. Srikantiah Shivaswamy in his place. Despite inviting Expression of Interest, no viable resolution plan was received. The CoC, with a 92.97% majority, approved an extension of time for resolution applicants, but only Lohia Corp Kanpur showed initial interest before withdrawing. Canara Bank, the sole secured financial creditor, wanted to stay out of the liquidation process and refused to meet the usual
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C.P.(IB)No.101/BB/2018…
Application admitted,…
The case involves I.A.No.145/2020 in C.P.(IB)No.101/BB/2018 filed by Mr. Srikantiah Shivaswamy, the Resolution Professional of GCL Pvt. Ltd., seeking to initiate the liquidation process of the Corporate Debtor (GCL Pvt. Ltd.) and to direct the Secured Creditor to participate in the liquidation process. Initially, Mr. R. N. Manoharan had filed C.P.(IB)No.101/BB/2018 under Section 9 of the IBC, which was admitted, initiating CIRP and appointing Shri Shivadutt Bannanje as IRP. Subsequently, the CoC, with Canara Bank as the sole financial creditor, decided to replace the IRP with Mr. Srikantiah Shivaswamy. Despite efforts, no viable resolution plan was received, leading to the decision to liquidate the Corporate Debtor.
Mr. R. N. Manoharan initially filed C.P.(IB)No.101/BB/2018 under Section 9 of the IBC against GCL Pvt. Ltd. due to a default of Rs.20,70,807/-, leading to the initiation of CIRP on 2019-05-01. Shri Shivadutt Bannanje was appointed as the initial IRP. The CoC, consisting solely of Canara Bank, voted against retaining Shri Shivadutt Bannanje as RP and decided to appoint Mr. Srikantiah Shivaswamy in his place. Despite inviting Expression of Interest, no viable resolution plan was received. The CoC, with a 92.97% majority, approved an extension of time for resolution applicants, but only Lohia Corp Kanpur showed initial interest before withdrawing. Canara Bank, the sole secured financial creditor, wanted to stay out of the liquidation process and refused to meet the usual
…C.P.(IB)No.101/BB/2018…
Application admitted,…