The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, M/s. Sri Karunambikai Mills Private Limited. The Company Petition was admitted on 26.09.2018, and Mr. K. Ranganathan Seshadri was appointed as the Interim Resolution Professional (IRP). Claims were collated, and a Committee of Creditors (CoC) was constituted. Valuers were appointed to ascertain the liquidation value of the Corporate Debtor. Mr. A.R. Ramasubramania Raja was subsequently appointed as the Resolution Professional (RP) in place of the IRP. The RP determined the liquidation value as ₹31 Crores against the claim of ₹80 Crores.
The Corporate Debtor, M/s. Sri Karunambikai Mills Private Limited, faced insolvency proceedings. An application was filed under Section 33(2) of the IBC, 2016, seeking liquidation. The Company Petition was admitted on 2018-09-26. Mr. K. Ranganathan Seshadri was initially appointed as the IRP, followed by Mr. A.R. Ramasubramania Raja as the RP. The RP determined the liquidation value to be ₹31 Crores against a claim of ₹80 Crores. No viable resolution plan emerged, leading the CoC to unanimously resolve for liquidation on 2019-06-20 with 100% voting. The RP then placed an application before the NCLT seeking liquidation based on the CoC's resolution. The CoC's decision to opt for liquidation indicates a lack of confidence in the possibility of a successful resolution,
…Sign in to view the parties.
The Company Petition was…
The CoC unanimously…
The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking liquidation of the Corporate Debtor, M/s. Sri Karunambikai Mills Private Limited. The Company Petition was admitted on 26.09.2018, and Mr. K. Ranganathan Seshadri was appointed as the Interim Resolution Professional (IRP). Claims were collated, and a Committee of Creditors (CoC) was constituted. Valuers were appointed to ascertain the liquidation value of the Corporate Debtor. Mr. A.R. Ramasubramania Raja was subsequently appointed as the Resolution Professional (RP) in place of the IRP. The RP determined the liquidation value as ₹31 Crores against the claim of ₹80 Crores.
The Corporate Debtor, M/s. Sri Karunambikai Mills Private Limited, faced insolvency proceedings. An application was filed under Section 33(2) of the IBC, 2016, seeking liquidation. The Company Petition was admitted on 2018-09-26. Mr. K. Ranganathan Seshadri was initially appointed as the IRP, followed by Mr. A.R. Ramasubramania Raja as the RP. The RP determined the liquidation value to be ₹31 Crores against a claim of ₹80 Crores. No viable resolution plan emerged, leading the CoC to unanimously resolve for liquidation on 2019-06-20 with 100% voting. The RP then placed an application before the NCLT seeking liquidation based on the CoC's resolution. The CoC's decision to opt for liquidation indicates a lack of confidence in the possibility of a successful resolution,
…The Company Petition was…
The CoC unanimously…