The case involves an application filed by Astronomical Logistics Park Private Limited seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the
…Astronomical Logistics Park Private Limited filed an application seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the liquidation is a time-bound
…Sign in to view the parties.
Adjudicating Authority passed the liquidation…
Adjudicating Authority allowed IA No. 230/2020…
Sign in to view related legal provisions.
The case involves an application filed by Astronomical Logistics Park Private Limited seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the
…Astronomical Logistics Park Private Limited filed an application seeking an extension of time to formulate a scheme of arrangement for Sri Lakshmi Cotsyn Limited, which is undergoing liquidation. The Adjudicating Authority had previously passed a liquidation order against Sri Lakshmi Cotsyn Ltd. due to the absence of a resolution plan. Astronomical Logistics Park is interested in taking over the facilities of Sri Lakshmi Cotsyn and engaged Systematix Corporate Service Ltd. to evaluate the company. The applicant contends that Regulation 2-B of the IBBI (Liquidation Process) Regulation, 2016 allows for a scheme of compromise for arrangement to be proposed and completed within 90 days of the liquidation order. The liquidator states that the liquidation is a time-bound
…Adjudicating Authority passed the liquidation…
Adjudicating Authority allowed IA No. 230/2020…
Sign in to view related legal provisions.