The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Padmaadevi Sugars Limited, initiated following an order dated 15.10.2018 by the Adjudicating Authority. Mr. Mudapallur Varieth Gangadharan was appointed as the IRP and subsequently as the Resolution Professional (RP). Several applications (IAs) were filed concerning the liquidation of the Corporate Debtor, condonation of delay, and allegations of mismanagement against the RP. The CIRP period ended on 17.01.2021, and no resolution plan was approved.
The Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. Padmaadevi Sugars Limited following an order dated 15.10.2018. Mr. Mudapallur Varieth Gangadharan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period ended on 17.01.2021. No resolution plan was received within the stipulated time. An application to extend the CIRP was filed in MA/477/2019, and the Adjudicating Authority allowed the exclusion of 189 days on 11.07.2019. Indian Overseas Bank and Bank of India, holding 63.80% and 32.75% of the voting rights in the Committee of Creditors (CoC) respectively, raised allegations of mismanagement against the RP. The e-voting facility of the 10th CoC meeting on 07.08.2020 was allegedly
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The Adjudicating Authority ordered for…
The IRP was appointed…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of M/s. Padmaadevi Sugars Limited, initiated following an order dated 15.10.2018 by the Adjudicating Authority. Mr. Mudapallur Varieth Gangadharan was appointed as the IRP and subsequently as the Resolution Professional (RP). Several applications (IAs) were filed concerning the liquidation of the Corporate Debtor, condonation of delay, and allegations of mismanagement against the RP. The CIRP period ended on 17.01.2021, and no resolution plan was approved.
The Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. Padmaadevi Sugars Limited following an order dated 15.10.2018. Mr. Mudapallur Varieth Gangadharan was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period ended on 17.01.2021. No resolution plan was received within the stipulated time. An application to extend the CIRP was filed in MA/477/2019, and the Adjudicating Authority allowed the exclusion of 189 days on 11.07.2019. Indian Overseas Bank and Bank of India, holding 63.80% and 32.75% of the voting rights in the Committee of Creditors (CoC) respectively, raised allegations of mismanagement against the RP. The e-voting facility of the 10th CoC meeting on 07.08.2020 was allegedly
…The Adjudicating Authority ordered for…
The IRP was appointed…