The case involves an application (I.A. No.245 of 2019) filed by the Resolution Professional (RP), Shri Sanjay Kumar Mishra, for M/s. Lotus Shopping Centres Private Limited, seeking liquidation of the Corporate Debtor under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Axis Bank Limited (Financial Creditor) under Section 7 of the IBC, 2016, due to the Corporate Debtor's default in repaying term loan facilities. Despite multiple extensions and invitations for resolution plans, no viable plan was received, leading to the RP's application for liquidation.
M/s. Lotus Shopping Centres Private Limited (Corporate Debtor) availed term loan facilities from Axis Bank Limited (Financial Creditor) and defaulted on repayments. Axis Bank filed a Company Petition under Section 7 of the IBC, 2016, to initiate CIRP. The petition was admitted on August 30, 2018, and a moratorium was declared. Mr. Sundaresh Bhatt was appointed as the Interim Resolution Professional (IRP), later replaced by Shri Sanjay Kumar Mishra as the Resolution Professional (RP). The IRP and RP took steps to constitute the Committee of Creditors (CoC), invite Expressions of Interest (EOIs) from prospective resolution applicants, and prepare an information memorandum. Despite multiple extensions, no resolution plan was received. The Corporate Debtor had no sources
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Axis Bank filed a Company Petition to initiate…
The Tribunal admitted…
The case involves an application (I.A. No.245 of 2019) filed by the Resolution Professional (RP), Shri Sanjay Kumar Mishra, for M/s. Lotus Shopping Centres Private Limited, seeking liquidation of the Corporate Debtor under Section 33(1)(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Axis Bank Limited (Financial Creditor) under Section 7 of the IBC, 2016, due to the Corporate Debtor's default in repaying term loan facilities. Despite multiple extensions and invitations for resolution plans, no viable plan was received, leading to the RP's application for liquidation.
M/s. Lotus Shopping Centres Private Limited (Corporate Debtor) availed term loan facilities from Axis Bank Limited (Financial Creditor) and defaulted on repayments. Axis Bank filed a Company Petition under Section 7 of the IBC, 2016, to initiate CIRP. The petition was admitted on August 30, 2018, and a moratorium was declared. Mr. Sundaresh Bhatt was appointed as the Interim Resolution Professional (IRP), later replaced by Shri Sanjay Kumar Mishra as the Resolution Professional (RP). The IRP and RP took steps to constitute the Committee of Creditors (CoC), invite Expressions of Interest (EOIs) from prospective resolution applicants, and prepare an information memorandum. Despite multiple extensions, no resolution plan was received. The Corporate Debtor had no sources
…Axis Bank filed a Company Petition to initiate…
The Tribunal admitted…