The case involves an application (I.A.No.11/2021) in C.P.(IB)No.216/BB/2018 filed by Mr. Ghanshyam Das Mundra, the Erstwhile Resolution Professional of M/s. Karuturi Global Ltd., seeking to initiate the liquidation process of the Corporate Debtor. The initial Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by Axis Bank Limited against Karuturi Global Limited. Despite efforts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Karuturi Global Limited. The CIRP was admitted on 2019-08-02. Ghanshyam Das Mundra was appointed as the Interim Resolution Professional (IRP). During the CIRP, several resolution plans were submitted but none received the requisite votes for approval. The Committee of Creditors (CoC) authorized the RP to seek exclusion of a period of 60 days from the CIRP period due to a stay order. The CoC also agreed to put up to vote a resolution to liquidate the Corporate Debtor. The RP issued the Information Memorandum and Evaluation Matrix to all Prospective Resolution Applicants (PRAs). The last date for submission of resolution plans was notified as 2020-08-12. The CoC directed the RP to re-issue
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The initial Corporate…
C.P.(IB)No.216/BB/2018 filed by M/s. Axis Bank…
The case involves an application (I.A.No.11/2021) in C.P.(IB)No.216/BB/2018 filed by Mr. Ghanshyam Das Mundra, the Erstwhile Resolution Professional of M/s. Karuturi Global Ltd., seeking to initiate the liquidation process of the Corporate Debtor. The initial Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by Axis Bank Limited against Karuturi Global Limited. Despite efforts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Karuturi Global Limited. The CIRP was admitted on 2019-08-02. Ghanshyam Das Mundra was appointed as the Interim Resolution Professional (IRP). During the CIRP, several resolution plans were submitted but none received the requisite votes for approval. The Committee of Creditors (CoC) authorized the RP to seek exclusion of a period of 60 days from the CIRP period due to a stay order. The CoC also agreed to put up to vote a resolution to liquidate the Corporate Debtor. The RP issued the Information Memorandum and Evaluation Matrix to all Prospective Resolution Applicants (PRAs). The last date for submission of resolution plans was notified as 2020-08-12. The CoC directed the RP to re-issue
…The initial Corporate…
C.P.(IB)No.216/BB/2018 filed by M/s. Axis Bank…