The case involves the Corporate Insolvency Resolution Process (CIRP) of Sembmarine Kakinada Limited. Axis Bank Limited, the Financial Creditor, initiated the process due to defaults in repayment. The Tribunal admitted the petition on 2019-09-23 and appointed an Insolvency Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) and convened multiple meetings. The CIRP faced challenges including non-cooperation from the suspended Board of Directors, issues with Kakinada Sea Ports Limited (KSPL) regarding lease agreements, and the impact of the COVID-19 lockdown. Despite multiple extensions and attempts to find a resolution plan, none were viable. The CoC ultimately voted for liquidation.
Axis Bank Limited, as a Financial Creditor, initiated a company petition against Sembmarine Kakinada Limited (Corporate Debtor) due to defaults in repayment. The petition was admitted on 2019-09-23, and an IRP was appointed. The IRP formed a CoC and convened 23 meetings. Kakinada Sea Ports Limited (KSPL), the erstwhile promoter and lessor, created issues by claiming termination of sublease agreements despite the moratorium. The RP filed I.A.No.17/2020 to restrain KSPL. The RP faced non-cooperation from the directors, hindering the finalization of accounts. Multiple attempts to invite resolution plans failed, with no viable plans submitted. The CIRP period was extended multiple times, impacted by the COVID-19 lockdown. Ultimately, the CoC voted 100% in favor of
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The Tribunal admitted the company petition filed…
A public announcement…
The case involves the Corporate Insolvency Resolution Process (CIRP) of Sembmarine Kakinada Limited. Axis Bank Limited, the Financial Creditor, initiated the process due to defaults in repayment. The Tribunal admitted the petition on 2019-09-23 and appointed an Insolvency Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) and convened multiple meetings. The CIRP faced challenges including non-cooperation from the suspended Board of Directors, issues with Kakinada Sea Ports Limited (KSPL) regarding lease agreements, and the impact of the COVID-19 lockdown. Despite multiple extensions and attempts to find a resolution plan, none were viable. The CoC ultimately voted for liquidation.
Axis Bank Limited, as a Financial Creditor, initiated a company petition against Sembmarine Kakinada Limited (Corporate Debtor) due to defaults in repayment. The petition was admitted on 2019-09-23, and an IRP was appointed. The IRP formed a CoC and convened 23 meetings. Kakinada Sea Ports Limited (KSPL), the erstwhile promoter and lessor, created issues by claiming termination of sublease agreements despite the moratorium. The RP filed I.A.No.17/2020 to restrain KSPL. The RP faced non-cooperation from the directors, hindering the finalization of accounts. Multiple attempts to invite resolution plans failed, with no viable plans submitted. The CIRP period was extended multiple times, impacted by the COVID-19 lockdown. Ultimately, the CoC voted 100% in favor of
…The Tribunal admitted the company petition filed…
A public announcement…