The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Shree Ram Saw Mill Private Limited, due to non-cooperation by the suspended members of the Board of Directors, which prevented the conclusion of valuation, preparation of the Information Memorandum, and publication of Form 'G' for Expression of Interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Indian Overseas Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Public announcement was made, but the COVID-19 pandemic caused nationwide lockdown and restrictions, extending the CIRP period. Despite directions under Section 19 of IBC, non-cooperation persisted,
…Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Shree Ram Saw Mill Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Kanchan Dutta was appointed as the Interim Resolution Professional (IRP). Public announcement was made as per Section 15 of the Code. However, the suspended members of the Board of Directors of the Corporate Debtor did not cooperate, preventing the completion of valuation and preparation of the Information Memorandum. The COVID-19 pandemic and subsequent lockdown further hindered the CIRP process. The Committee of Creditors (CoC) recommended liquidation with 100% voting share. The RP filed an application seeking liquidation of the Corporate Debtor. The Adjudicating Authority granted
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Filing of CP (IB)/978(KB…
Adjudicating Authority…
The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Shree Ram Saw Mill Private Limited, due to non-cooperation by the suspended members of the Board of Directors, which prevented the conclusion of valuation, preparation of the Information Memorandum, and publication of Form 'G' for Expression of Interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Indian Overseas Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. Public announcement was made, but the COVID-19 pandemic caused nationwide lockdown and restrictions, extending the CIRP period. Despite directions under Section 19 of IBC, non-cooperation persisted,
…Indian Overseas Bank initiated Corporate Insolvency Resolution Process (CIRP) against Shree Ram Saw Mill Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Kanchan Dutta was appointed as the Interim Resolution Professional (IRP). Public announcement was made as per Section 15 of the Code. However, the suspended members of the Board of Directors of the Corporate Debtor did not cooperate, preventing the completion of valuation and preparation of the Information Memorandum. The COVID-19 pandemic and subsequent lockdown further hindered the CIRP process. The Committee of Creditors (CoC) recommended liquidation with 100% voting share. The RP filed an application seeking liquidation of the Corporate Debtor. The Adjudicating Authority granted
…Filing of CP (IB)/978(KB…
Adjudicating Authority…