The case involves an application filed by the Resolution Professional of Handum Industries Limited, seeking orders for the liquidation of the Corporate Debtor, Handum Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated CIRP vide its order dated 04-03-2020. The applicant/IRP carried out the publication on 12-03-2020 inviting claims to be submitted by 24-03-2020. The first COC meeting was held on 3.10.2020 and the meeting was adjourned without passing any resolution. The COC decided to appoint IRP as RP at their second COC meeting held on 17.11.2020. The applicant received interest from
…Handum Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2020-03-04. A resolution plan was presented but failed to receive the requisite 66% vote share from the Committee of Creditors (COC). The voting result showed only 07.32% in favor and 92.68% against the resolution. The COC rejected the resolution plan. Consequently, an application was filed under Section 33 of the IBC, 2016, seeking liquidation of Handum Industries Limited. The Adjudicating Authority observed that no resolution plan was received under Section 30(6) of the I&B Code, 2016. The Resolution Professional, Shri Ramachander Rao Bikumalla, was appointed as the liquidator.
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Corporate Insolvency…
Publication inviting…
The case involves an application filed by the Resolution Professional of Handum Industries Limited, seeking orders for the liquidation of the Corporate Debtor, Handum Industries Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initiated CIRP vide its order dated 04-03-2020. The applicant/IRP carried out the publication on 12-03-2020 inviting claims to be submitted by 24-03-2020. The first COC meeting was held on 3.10.2020 and the meeting was adjourned without passing any resolution. The COC decided to appoint IRP as RP at their second COC meeting held on 17.11.2020. The applicant received interest from
…Handum Industries Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated on 2020-03-04. A resolution plan was presented but failed to receive the requisite 66% vote share from the Committee of Creditors (COC). The voting result showed only 07.32% in favor and 92.68% against the resolution. The COC rejected the resolution plan. Consequently, an application was filed under Section 33 of the IBC, 2016, seeking liquidation of Handum Industries Limited. The Adjudicating Authority observed that no resolution plan was received under Section 30(6) of the I&B Code, 2016. The Resolution Professional, Shri Ramachander Rao Bikumalla, was appointed as the liquidator.
Corporate Insolvency…
Publication inviting…