The case involves an application filed by the Resolution Professional (RP) seeking an order for liquidation of the Corporate Debtor, Sai Infosystem (India) Ltd., under Section 33 of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Allahabad Bank under Section 7 of the IBC, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) resolved to close the CIRP and instructed the RP to file an application for liquidation.
Allahabad Bank, as a Financial Creditor, filed a petition under Section 7 of the IBC, leading to the commencement of CIRP and the appointment of an IRP. The CoC, in its meeting on 2018-05-21, resolved to close the CIRP and instructed the RP to file an application for liquidation. The Corporate Debtor, Sai Infosystem (India) Ltd., has not been a going concern since June 2013 and has been out of business for the past 5 years. There are no key managerial personnel or employees in the company, and the assets are not favorable for revival. No resolution plan was received. The RP filed an application under Section 33 of the IBC, based on the CoC's resolution. The CIRP was closed on 2018-05-28. The application for liquidation was filed on 2018-05-28.
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CIRP commenced based on…
CoC resolved to close…
The case involves an application filed by the Resolution Professional (RP) seeking an order for liquidation of the Corporate Debtor, Sai Infosystem (India) Ltd., under Section 33 of the Insolvency and Bankruptcy Code (IBC). The Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Allahabad Bank under Section 7 of the IBC, and an Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) resolved to close the CIRP and instructed the RP to file an application for liquidation.
Allahabad Bank, as a Financial Creditor, filed a petition under Section 7 of the IBC, leading to the commencement of CIRP and the appointment of an IRP. The CoC, in its meeting on 2018-05-21, resolved to close the CIRP and instructed the RP to file an application for liquidation. The Corporate Debtor, Sai Infosystem (India) Ltd., has not been a going concern since June 2013 and has been out of business for the past 5 years. There are no key managerial personnel or employees in the company, and the assets are not favorable for revival. No resolution plan was received. The RP filed an application under Section 33 of the IBC, based on the CoC's resolution. The CIRP was closed on 2018-05-28. The application for liquidation was filed on 2018-05-28.
CIRP commenced based on…
CoC resolved to close…