The case involves an application for liquidation of Santosh Hospitals Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Ms. SriPriya Kumar was appointed as the Interim Resolution Professional (IRP). Subsequently, Ms. Deepa Venkat Ramani was appointed as the Resolution Professional (RP). The CoC passed a resolution for liquidation due to the lack of requisite information from the Promoter-Directors, hindering the determination of the liquidation value. The suspended directors sought to put the CoC decisions on hold and filed MAs restraining the RP from proceeding with forensic audit, valuation, and invitation for Expression of Interest. The CIRP period of 180 days expired, and
…Santosh Hospitals Private Limited underwent CIRP, initiated under the IBC, 2016. Ms. SriPriya Kumar was initially appointed as the IRP, followed by Ms. Deepa Venkat Ramani as the RP. The CoC resolved to liquidate the company due to the failure of the Promoter-Directors to provide essential information for valuation. The Promoter-Director, Mr. Mahalingam, filed an affidavit promising to pay ₹57.50 Crores to Muthoot Fincorp Limited, a financial creditor, but failed to do so. The Suspended-Directors filed multiple MAs to restrain the RP from conducting forensic audits, valuation, and issuing invitations for Expression of Interest. The CIRP period of 180 days expired, and despite extensions, no resolution plan was achieved. The CoC, with 73.44% voting share, passed a
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IBA/434/2019 was admitted, and Ms. SriPriya…
The Committ…
The case involves an application for liquidation of Santosh Hospitals Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Ms. SriPriya Kumar was appointed as the Interim Resolution Professional (IRP). Subsequently, Ms. Deepa Venkat Ramani was appointed as the Resolution Professional (RP). The CoC passed a resolution for liquidation due to the lack of requisite information from the Promoter-Directors, hindering the determination of the liquidation value. The suspended directors sought to put the CoC decisions on hold and filed MAs restraining the RP from proceeding with forensic audit, valuation, and invitation for Expression of Interest. The CIRP period of 180 days expired, and
…Santosh Hospitals Private Limited underwent CIRP, initiated under the IBC, 2016. Ms. SriPriya Kumar was initially appointed as the IRP, followed by Ms. Deepa Venkat Ramani as the RP. The CoC resolved to liquidate the company due to the failure of the Promoter-Directors to provide essential information for valuation. The Promoter-Director, Mr. Mahalingam, filed an affidavit promising to pay ₹57.50 Crores to Muthoot Fincorp Limited, a financial creditor, but failed to do so. The Suspended-Directors filed multiple MAs to restrain the RP from conducting forensic audits, valuation, and issuing invitations for Expression of Interest. The CIRP period of 180 days expired, and despite extensions, no resolution plan was achieved. The CoC, with 73.44% voting share, passed a
…IBA/434/2019 was admitted, and Ms. SriPriya…
The Committ…