The case involves an application under Section 60 of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Southern Investments Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, vide order dated 26.03.2018. Ms. Chitra Srinivas was appointed as the Interim Resolution Professional (IRP). The IRP took charge of the Corporate Debtor's affairs, including cash and bank accounts, and observed that the company had ceased operations since June 2017. The IRP received claims from creditors and formed a Committee of Creditors
…M/s. Southern Investments Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ms. Chitra Srinivas was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The company had ceased operations since June 2017, with negligible construction activity. The RP identified 42 housing projects at various stages of completion, funded by investments from hundreds of homebuyers. Construction had stopped due to non-payment of dues. All employees resigned, with only 3 former employees assisting in accessing records. The company's financial history showed losses in 2016 and 2017. The business model involved agreements with landowners for construction,
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Corporate Insolvency…
Company had completely…
The case involves an application under Section 60 of the Insolvency and Bankruptcy Code, 2016, concerning M/s. Southern Investments Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, vide order dated 26.03.2018. Ms. Chitra Srinivas was appointed as the Interim Resolution Professional (IRP). The IRP took charge of the Corporate Debtor's affairs, including cash and bank accounts, and observed that the company had ceased operations since June 2017. The IRP received claims from creditors and formed a Committee of Creditors
…M/s. Southern Investments Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. Ms. Chitra Srinivas was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The company had ceased operations since June 2017, with negligible construction activity. The RP identified 42 housing projects at various stages of completion, funded by investments from hundreds of homebuyers. Construction had stopped due to non-payment of dues. All employees resigned, with only 3 former employees assisting in accessing records. The company's financial history showed losses in 2016 and 2017. The business model involved agreements with landowners for construction,
…Corporate Insolvency…
Company had completely…