The case involves the corporate insolvency resolution process (CIRP) of Rama Krishna Knitters Private Limited. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Adjudicating Authority. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (COC) was constituted. An invitation for Expression of Interest (EOI) was issued, but only one EOI was received in the prescribed format. The CIRP period was extended. A resolution plan was received from Swissline Intertrade Private Limited but was rejected by the COC with 99.85% votes. Consequently, a resolution was proposed to approve the liquidation of Rama Krishna under Section 33 of the Code, which was passed with 99.9%
…Punjab National Bank initiated CIRP against Rama Krishna Knitters Private Limited under Section 7 of IBC. The application was admitted, and an IRP was appointed. The COC was formed, consisting of six financial creditors and one operational creditor. An EOI was issued, but only one EOI was received in the prescribed format. The CIRP period was extended by 90 days. Swissline Intertrade Private Limited submitted a resolution plan, which was rejected by the COC with 99.85% votes. Subsequently, the COC approved the liquidation of Rama Krishna with 99.9% votes. The COC determined that Rama Krishna could not be sold as a going concern. The COC also considered the fees payable to the Liquidator. The Adjudicating Authority then ordered the liquidation of Rama Krishna Knitters
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Application under Section 7 of the Code filed…
The Committee of…
The case involves the corporate insolvency resolution process (CIRP) of Rama Krishna Knitters Private Limited. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted by the Adjudicating Authority. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (COC) was constituted. An invitation for Expression of Interest (EOI) was issued, but only one EOI was received in the prescribed format. The CIRP period was extended. A resolution plan was received from Swissline Intertrade Private Limited but was rejected by the COC with 99.85% votes. Consequently, a resolution was proposed to approve the liquidation of Rama Krishna under Section 33 of the Code, which was passed with 99.9%
…Punjab National Bank initiated CIRP against Rama Krishna Knitters Private Limited under Section 7 of IBC. The application was admitted, and an IRP was appointed. The COC was formed, consisting of six financial creditors and one operational creditor. An EOI was issued, but only one EOI was received in the prescribed format. The CIRP period was extended by 90 days. Swissline Intertrade Private Limited submitted a resolution plan, which was rejected by the COC with 99.85% votes. Subsequently, the COC approved the liquidation of Rama Krishna with 99.9% votes. The COC determined that Rama Krishna could not be sold as a going concern. The COC also considered the fees payable to the Liquidator. The Adjudicating Authority then ordered the liquidation of Rama Krishna Knitters
…Application under Section 7 of the Code filed…
The Committee of…