The case involves an application filed by the Resolution Professional under Section 33(2), Section 34(1), and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking orders for liquidating the Corporate Debtor, Southern Online Bio Technologies Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by Bank of India under Section 7 of the IBC, 2016. Despite several Committee of Creditors (CoC) meetings and attempts to invite resolution plans, the CoC ultimately voted for liquidation as no viable resolution plan was received or approved.
The Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Southern Online Bio Technologies Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 05.10.2018. Ms. G. Kalpana was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims from creditors. Several Committee of Creditors (CoC) meetings were held to explore resolution plans. Despite extending the deadline for submission of resolution plans multiple times, only one resolution plan was received, which was subsequently rejected by the CoC with a 69% voting share. The CIRP period of 270 days expired on 01.07.2019. As a result, the CoC
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The Tribunal admitted the petition filed under…
Public announcement was carried out in…
The case involves an application filed by the Resolution Professional under Section 33(2), Section 34(1), and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking orders for liquidating the Corporate Debtor, Southern Online Bio Technologies Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition filed by Bank of India under Section 7 of the IBC, 2016. Despite several Committee of Creditors (CoC) meetings and attempts to invite resolution plans, the CoC ultimately voted for liquidation as no viable resolution plan was received or approved.
The Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Southern Online Bio Technologies Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 05.10.2018. Ms. G. Kalpana was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional. Public announcements were made to invite claims from creditors. Several Committee of Creditors (CoC) meetings were held to explore resolution plans. Despite extending the deadline for submission of resolution plans multiple times, only one resolution plan was received, which was subsequently rejected by the CoC with a 69% voting share. The CIRP period of 270 days expired on 01.07.2019. As a result, the CoC
…The Tribunal admitted the petition filed under…
Public announcement was carried out in…