The case involves an application filed under section 53 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the IBBI (Liquidation Process) Regulations, 2016, seeking orders from the National Company Law Tribunal for the distribution of unsold assets among the stakeholders of Kusalava Batteries Private Limited. The operational creditor, Cyber Auto Parts, initiated the Corporate Insolvency Resolution Process (CIRP) against Kusalava Batteries Private Limited under Section 9 of the IBC, leading to the admission of the company petition and appointment of an Interim Resolution Professional (IRP). Subsequently, due to the lack of resolution plans, the Committee of Creditors (COC) recommended liquidation, and the Tribunal ordered the liquidation of the
…The operational creditor, Cyber Auto Parts, filed a company petition against Kusalava Batteries Private Limited under Section 9 of the IBC for a claim of Rs. 1,47,209. The Adjudicating Authority admitted the petition on 2018-11-16 and appointed an IRP. Public announcements were made in Business Standard and Andhra Prabha. The first COC meeting was held on 2018-12-13. A second COC meeting was convened on 2019-01-12 to consider the invitation for EOI. An advertisement was made on 2019-01-14. The COC considered the option of extending the time for inviting expression of interest and decided on a liquidator on 2019-02-11. The COC unanimously recommended the applicant as Liquidator. The applicant filed IA No.238 of 2019 under Section 33 for liquidation, and the Tribunal
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The case involves an application filed under section 53 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38 of the IBBI (Liquidation Process) Regulations, 2016, seeking orders from the National Company Law Tribunal for the distribution of unsold assets among the stakeholders of Kusalava Batteries Private Limited. The operational creditor, Cyber Auto Parts, initiated the Corporate Insolvency Resolution Process (CIRP) against Kusalava Batteries Private Limited under Section 9 of the IBC, leading to the admission of the company petition and appointment of an Interim Resolution Professional (IRP). Subsequently, due to the lack of resolution plans, the Committee of Creditors (COC) recommended liquidation, and the Tribunal ordered the liquidation of the
…The operational creditor, Cyber Auto Parts, filed a company petition against Kusalava Batteries Private Limited under Section 9 of the IBC for a claim of Rs. 1,47,209. The Adjudicating Authority admitted the petition on 2018-11-16 and appointed an IRP. Public announcements were made in Business Standard and Andhra Prabha. The first COC meeting was held on 2018-12-13. A second COC meeting was convened on 2019-01-12 to consider the invitation for EOI. An advertisement was made on 2019-01-14. The COC considered the option of extending the time for inviting expression of interest and decided on a liquidator on 2019-02-11. The COC unanimously recommended the applicant as Liquidator. The applicant filed IA No.238 of 2019 under Section 33 for liquidation, and the Tribunal
…The Adjudicating Authority admitted the…
Public announcement was…