The case involves an application submitted by the liquidator seeking an order for the dissolution of the Corporate Debtor, Saru Agro Foods Ltd., under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Debtor was admitted into CIRP based on a petition filed by Om Traders, an operational creditor. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. However, the directors of the Corporate Debtor were uncooperative, and the company had no assets, employees, or traceable promoters. The CoC recommended direct dissolution due to the lack of assets and business activity.
Om Traders, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Saru Agro Foods Ltd. The petition was admitted on 2019-11-14. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. A public announcement was made to invite claims from stakeholders. Only one claim was received from a financial creditor, M/s. Loyal Enterprises, for Rs. 21,60,000, of which Rs. 20,00,000 was admitted provisionally. The directors of Saru Agro Foods Ltd. were uncooperative, and the company had no assets, employees, or traceable promoters. The company operated from a rented premise and had no business activity. The Committee of Creditors (CoC) was aware that the Corporate Debtor was non-operational. The CoC recommended
…Sign in to view the parties.
Order passed admitting the Petition u/s 9 of I&B…
Applicant made public announcement which was…
The case involves an application submitted by the liquidator seeking an order for the dissolution of the Corporate Debtor, Saru Agro Foods Ltd., under Section 54 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Debtor was admitted into CIRP based on a petition filed by Om Traders, an operational creditor. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. However, the directors of the Corporate Debtor were uncooperative, and the company had no assets, employees, or traceable promoters. The CoC recommended direct dissolution due to the lack of assets and business activity.
Om Traders, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Saru Agro Foods Ltd. The petition was admitted on 2019-11-14. An Interim Resolution Professional (IRP) was appointed, and a moratorium was declared. A public announcement was made to invite claims from stakeholders. Only one claim was received from a financial creditor, M/s. Loyal Enterprises, for Rs. 21,60,000, of which Rs. 20,00,000 was admitted provisionally. The directors of Saru Agro Foods Ltd. were uncooperative, and the company had no assets, employees, or traceable promoters. The company operated from a rented premise and had no business activity. The Committee of Creditors (CoC) was aware that the Corporate Debtor was non-operational. The CoC recommended
…Order passed admitting the Petition u/s 9 of I&B…
Applicant made public announcement which was…