Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Linus Processors Private Ltd, the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) on 2018-03-13. Mr. Hanuman Mal Choraria was appointed as the Interim Resolution Professional (IRP). A moratorium under Section 14 was issued. The IRP filed the first interim report on 2018-04-05 and published the CIRP notice in 'Business Standard' and 'Aajkal' on 2018-03-15, inviting creditors to submit claims.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Linus Processors Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-03-13, and a moratorium was declared. Hanuman Mal Choraria was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Bank of India was the sole creditor, forming the Committee of Creditors (CoC) with 100% voting share. The RP failed to solicit resolution plans, and the Corporate Debtor did not cooperate. The CIRP period was extended, but no resolution plan was received. Consequently, the CoC recommended liquidation. The Adjudicating Authority, noting the RP's failure to publish an Expression of Interest
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Adjudicating Authority admitted the Corporate…
CIRP notice published…
Bank of India filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Linus Processors Private Ltd, the Corporate Debtor. The Adjudicating Authority admitted the Corporate Debtor into the Corporate Insolvency Resolution Process (CIRP) on 2018-03-13. Mr. Hanuman Mal Choraria was appointed as the Interim Resolution Professional (IRP). A moratorium under Section 14 was issued. The IRP filed the first interim report on 2018-04-05 and published the CIRP notice in 'Business Standard' and 'Aajkal' on 2018-03-15, inviting creditors to submit claims.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Linus Processors Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-03-13, and a moratorium was declared. Hanuman Mal Choraria was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Bank of India was the sole creditor, forming the Committee of Creditors (CoC) with 100% voting share. The RP failed to solicit resolution plans, and the Corporate Debtor did not cooperate. The CIRP period was extended, but no resolution plan was received. Consequently, the CoC recommended liquidation. The Adjudicating Authority, noting the RP's failure to publish an Expression of Interest
…Adjudicating Authority admitted the Corporate…
CIRP notice published…