The case involves an application (I.A No. 03 of 2021) filed in CP (IB) No. 319/BB/2019, which was initially filed by Sir M. Visvesvaraya Co-Operative Bank Ltd under Section 7 of the I&B Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The CIRP was admitted on 19.02.2020, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made. The Committee of Creditors (COC) was formed, and the Applicant was appointed as the Resolution Professional. Due to the impact of COVID-19 and the nature of the Corporate Debtor's business (catering to schools and educational institutions), no resolution plan was received. The Applicant Bank then proposed a withdrawal of the CIRP under Section 12A of
…Sir M. Visvesvaraya Co-Operative Bank Ltd initiated CIRP against Indlab Equipments Private Ltd under Section 7 of the I&B Code, 2016. The CIRP was admitted on 19.02.2020, and Addanki Haresh was appointed as the IRP, later as Resolution Professional. Public announcements were made. The COC was formed, consisting primarily of Sir M Visvesvaraya Co-Operative Bank Limited (89.47% voting share) and Bank of Baroda Ltd (10.53% voting share). Due to COVID-19, the Corporate Debtor, which caters to schools and educational institutions, faced difficulties, and no resolution plan was received. The Applicant Bank (Sir M Visvesvaraya Co-Operative Bank) reached a One-Time Settlement with the suspended Directors. The Applicant then filed I.A No. 03 of 2021 to withdraw the CIRP
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Sir M. Visvesvaraya Co-Operative Bank Ltd filed…
The Adjudicating…
The case involves an application (I.A No. 03 of 2021) filed in CP (IB) No. 319/BB/2019, which was initially filed by Sir M. Visvesvaraya Co-Operative Bank Ltd under Section 7 of the I&B Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The CIRP was admitted on 19.02.2020, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made. The Committee of Creditors (COC) was formed, and the Applicant was appointed as the Resolution Professional. Due to the impact of COVID-19 and the nature of the Corporate Debtor's business (catering to schools and educational institutions), no resolution plan was received. The Applicant Bank then proposed a withdrawal of the CIRP under Section 12A of
…Sir M. Visvesvaraya Co-Operative Bank Ltd initiated CIRP against Indlab Equipments Private Ltd under Section 7 of the I&B Code, 2016. The CIRP was admitted on 19.02.2020, and Addanki Haresh was appointed as the IRP, later as Resolution Professional. Public announcements were made. The COC was formed, consisting primarily of Sir M Visvesvaraya Co-Operative Bank Limited (89.47% voting share) and Bank of Baroda Ltd (10.53% voting share). Due to COVID-19, the Corporate Debtor, which caters to schools and educational institutions, faced difficulties, and no resolution plan was received. The Applicant Bank (Sir M Visvesvaraya Co-Operative Bank) reached a One-Time Settlement with the suspended Directors. The Applicant then filed I.A No. 03 of 2021 to withdraw the CIRP
…Sir M. Visvesvaraya Co-Operative Bank Ltd filed…
The Adjudicating…