The Resolution Professional (RP) filed CA 198/2018 under Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking an order for the liquidation of the Corporate Debtor, P. K. Sales Company Pvt. Ltd. Two major claimants of the Corporate Debtor are Karnataka Bank and Bank of Baroda. The RP quantified a total claim of Rs. 41.82 crores. An objector/resolution applicant increased the bid to 8 crores, but the Committee of Creditors (COC) rejected it in the last meeting.
The Resolution Professional (RP) filed an application (CA 198/2018) under Section 33(1)(a) read with Section 33(2) of the IBC seeking an order for the liquidation of P. K. Sales Company Pvt. Ltd., the Corporate Debtor. Two major claimants are Karnataka Bank and Bank of Baroda, with a total claim of Rs. 41.82 crores. An objector/resolution applicant increased the bid to 8 crores, but the Committee of Creditors (COC) rejected it. The COC recommended the RP as the Insolvency Liquidator, but the RP declined due to unpaid fees and expenses. The court accepted the COC's decision and allowed the liquidation application.
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The Resolution Professional (RP) filed CA 198/2018 under Section 33(1)(a) read with Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking an order for the liquidation of the Corporate Debtor, P. K. Sales Company Pvt. Ltd. Two major claimants of the Corporate Debtor are Karnataka Bank and Bank of Baroda. The RP quantified a total claim of Rs. 41.82 crores. An objector/resolution applicant increased the bid to 8 crores, but the Committee of Creditors (COC) rejected it in the last meeting.
The Resolution Professional (RP) filed an application (CA 198/2018) under Section 33(1)(a) read with Section 33(2) of the IBC seeking an order for the liquidation of P. K. Sales Company Pvt. Ltd., the Corporate Debtor. Two major claimants are Karnataka Bank and Bank of Baroda, with a total claim of Rs. 41.82 crores. An objector/resolution applicant increased the bid to 8 crores, but the Committee of Creditors (COC) rejected it. The COC recommended the RP as the Insolvency Liquidator, but the RP declined due to unpaid fees and expenses. The court accepted the COC's decision and allowed the liquidation application.
Order delive…
Be listed on 19th September, 2018 for…