The case involves IA 260/2021 filed in CP(IB) No. 11/10/HDB/2017 before the National Company Law Tribunal (NCLT), Hyderabad Bench-1. The applicant, Nimmagadda Surya Pradeep Bio-Tech Private Limited, sought reliefs under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, concerning the liquidation of Kamineni Steel and Power India Pvt. Ltd. The corporate debtor, Kamineni Steel and Power India Pvt. Ltd., had undergone CIRP initiated on 10.02.2017, followed by liquidation proceedings initiated on 26.10.2018. The applicant was the successful bidder in an e-auction conducted by the liquidator but faced issues in making the full payment due to the COVID-19 pandemic and pending litigations.
1. The Corporate Debtor, Kamineni Steel and Power India Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.02.2017 after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC).
2. The CIRP was followed by liquidation proceedings initiated on 26.10.2018, with Mr. R. Ramakrishna Gupta appointed as the Liquidator.
3. The Liquidator conducted an e-auction for the sale of the Corporate Debtor as a going concern, with the last date for submission of the Expression of Interest (EOI) being 23.08.2020 and the e-auction date being 26.08.2020.
4. Nimmagadda Surya Pradeep Bio-Tech Private Limited was the sole participant in the e-auction and was declared the Successful Bidder after bidding Rs. 351 crores and paying an
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CIRP initiated against Kamineni Steel and Power…
Liquidation proceedings initiated against…
The case involves IA 260/2021 filed in CP(IB) No. 11/10/HDB/2017 before the National Company Law Tribunal (NCLT), Hyderabad Bench-1. The applicant, Nimmagadda Surya Pradeep Bio-Tech Private Limited, sought reliefs under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, concerning the liquidation of Kamineni Steel and Power India Pvt. Ltd. The corporate debtor, Kamineni Steel and Power India Pvt. Ltd., had undergone CIRP initiated on 10.02.2017, followed by liquidation proceedings initiated on 26.10.2018. The applicant was the successful bidder in an e-auction conducted by the liquidator but faced issues in making the full payment due to the COVID-19 pandemic and pending litigations.
1. The Corporate Debtor, Kamineni Steel and Power India Pvt. Ltd., underwent Corporate Insolvency Resolution Process (CIRP) initiated on 10.02.2017 after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC).
2. The CIRP was followed by liquidation proceedings initiated on 26.10.2018, with Mr. R. Ramakrishna Gupta appointed as the Liquidator.
3. The Liquidator conducted an e-auction for the sale of the Corporate Debtor as a going concern, with the last date for submission of the Expression of Interest (EOI) being 23.08.2020 and the e-auction date being 26.08.2020.
4. Nimmagadda Surya Pradeep Bio-Tech Private Limited was the sole participant in the e-auction and was declared the Successful Bidder after bidding Rs. 351 crores and paying an
CIRP initiated against Kamineni Steel and Power…
Liquidation proceedings initiated against…