The case involves an application (IA/41(CHE)/2021) filed in IBA/915/2019 under Section 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks an order for the liquidation of the Corporate Debtor, M/s. S & S Industries and Enterprises Limited, and the appointment of CA. Mahalingam Suresh Kumar as the liquidator. The main IBA/915/2019 was filed by the Financial Creditor, M/s. Stressed Assets Stabilization Fund ("SASF"), under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process ("CIRP"). The Adjudicating Authority ordered the commencement of CIRP on 2019-09-30 and appointed CA. Mahalingam Suresh Kumar as
…M/s. S & S Industries and Enterprises Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Stressed Assets Stabilization Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2019-09-30, with CA. Mahalingam Suresh Kumar appointed as the Interim Resolution Professional. He was later appointed as Resolution Professional by the Committee of Creditors (CoC). Despite efforts, including advertisements in newspapers, valuation of assets by IBBI Registered Valuers, and circulation of an Information Memorandum, no resolution plans were received. The CIRP period was extended by 90 days, excluding the period affected by the Covid-19 pandemic. Ultimately, the CoC decided to seek liquidation of the Corporate
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Adjudicating Authority ordered the…
CA. Mahalingam Suresh…
The case involves an application (IA/41(CHE)/2021) filed in IBA/915/2019 under Section 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The application seeks an order for the liquidation of the Corporate Debtor, M/s. S & S Industries and Enterprises Limited, and the appointment of CA. Mahalingam Suresh Kumar as the liquidator. The main IBA/915/2019 was filed by the Financial Creditor, M/s. Stressed Assets Stabilization Fund ("SASF"), under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process ("CIRP"). The Adjudicating Authority ordered the commencement of CIRP on 2019-09-30 and appointed CA. Mahalingam Suresh Kumar as
…M/s. S & S Industries and Enterprises Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Stressed Assets Stabilization Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 2019-09-30, with CA. Mahalingam Suresh Kumar appointed as the Interim Resolution Professional. He was later appointed as Resolution Professional by the Committee of Creditors (CoC). Despite efforts, including advertisements in newspapers, valuation of assets by IBBI Registered Valuers, and circulation of an Information Memorandum, no resolution plans were received. The CIRP period was extended by 90 days, excluding the period affected by the Covid-19 pandemic. Ultimately, the CoC decided to seek liquidation of the Corporate
…Adjudicating Authority ordered the…
CA. Mahalingam Suresh…