The case involves an application (IA/1251/2020) filed by the Resolution Professional (RP) of Gokula Kannan Benefits Fund Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25.01.2019. The Committee of Creditors (CoC) was formed, and the RP was confirmed. The RP stated that the Corporate Debtor had no tangible fixed assets and was engaged in lending and accepting deposits. An application was filed against the suspended Directors to remit unauthorizedly withdrawn funds. Expression of Interest invitations yielded no results. The CoC observed that continuing the business was not possible. The RP moved the application for liquidation on
…Gokula Kannan Benefits Fund Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 25.01.2019. Revathi S Raghunathan was appointed as the Resolution Professional (RP). The Corporate Debtor had no tangible fixed assets and was engaged in lending and accepting deposits. The RP formed a Committee of Creditors (CoC). The RP filed an application against the suspended Directors to remit Rs.12,86,800/- that had been unauthorizedly withdrawn. Expression of Interest invitations yielded no results. The CoC observed that continuing the business was not possible. A deadlock occurred within the CoC. The 180-day CIRP period expired on 25.07.2019. The RP moved an application for liquidation on 27.11.2019. Only a small number of depositors attended the CoC
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Corporate Insolvency Resolution Process (CIRP)…
The first meeting of the Committee of…
The case involves an application (IA/1251/2020) filed by the Resolution Professional (RP) of Gokula Kannan Benefits Fund Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25.01.2019. The Committee of Creditors (CoC) was formed, and the RP was confirmed. The RP stated that the Corporate Debtor had no tangible fixed assets and was engaged in lending and accepting deposits. An application was filed against the suspended Directors to remit unauthorizedly withdrawn funds. Expression of Interest invitations yielded no results. The CoC observed that continuing the business was not possible. The RP moved the application for liquidation on
…Gokula Kannan Benefits Fund Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 25.01.2019. Revathi S Raghunathan was appointed as the Resolution Professional (RP). The Corporate Debtor had no tangible fixed assets and was engaged in lending and accepting deposits. The RP formed a Committee of Creditors (CoC). The RP filed an application against the suspended Directors to remit Rs.12,86,800/- that had been unauthorizedly withdrawn. Expression of Interest invitations yielded no results. The CoC observed that continuing the business was not possible. A deadlock occurred within the CoC. The 180-day CIRP period expired on 25.07.2019. The RP moved an application for liquidation on 27.11.2019. Only a small number of depositors attended the CoC
…Corporate Insolvency Resolution Process (CIRP)…
The first meeting of the Committee of…