The case involves an application for liquidation of Gupta Synthetics Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The initial petition against the Corporate Debtor was filed by Kotak Mahindra Bank Ltd under Sections 433 and 434 of the Companies Act, 2013 in the High Court of Bombay, which was later transferred to NCLT. The NCLT admitted the case under Section 7 of the I&B Code. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and convened the first meeting of the Committee of Creditors (CoC). A major fire had previously damaged the factory unit, impacting recovery prospects. The CoC approved the liquidation of the Corporate Debtor with a majority vote of 71.54%.
Kotak Mahindra Bank Ltd filed a petition against Gupta Synthetics Limited under Sections 433 and 434 of the Companies Act, 2013, which was transferred to NCLT. The NCLT admitted the case under Section 7 of the I&B Code. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and claims were invited. The main factory unit suffered a major fire in January 2018, severely damaging machinery. The IRP convened the first meeting of the Committee of Creditors (CoC) on 25.10.2019. The CoC approved liquidation with 71.54% majority voting on 06.12.2019. As of 31st March 2017, the Corporate Debtor had liabilities of Rs. 312.80 Crores against assets of Rs. 144.10 Crores. Claims from Financial Creditors amounted to Rs.
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A major fire occurred…
The petition filed by Kotak Mahindra Bank Ltd…
The case involves an application for liquidation of Gupta Synthetics Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The initial petition against the Corporate Debtor was filed by Kotak Mahindra Bank Ltd under Sections 433 and 434 of the Companies Act, 2013 in the High Court of Bombay, which was later transferred to NCLT. The NCLT admitted the case under Section 7 of the I&B Code. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement and convened the first meeting of the Committee of Creditors (CoC). A major fire had previously damaged the factory unit, impacting recovery prospects. The CoC approved the liquidation of the Corporate Debtor with a majority vote of 71.54%.
Kotak Mahindra Bank Ltd filed a petition against Gupta Synthetics Limited under Sections 433 and 434 of the Companies Act, 2013, which was transferred to NCLT. The NCLT admitted the case under Section 7 of the I&B Code. Ms. Jovita Reema Mathias was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and claims were invited. The main factory unit suffered a major fire in January 2018, severely damaging machinery. The IRP convened the first meeting of the Committee of Creditors (CoC) on 25.10.2019. The CoC approved liquidation with 71.54% majority voting on 06.12.2019. As of 31st March 2017, the Corporate Debtor had liabilities of Rs. 312.80 Crores against assets of Rs. 144.10 Crores. Claims from Financial Creditors amounted to Rs.
…A major fire occurred…
The petition filed by Kotak Mahindra Bank Ltd…