The case involves MA 2161/2019 filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Sunil Hitech Engineers Ltd, the Corporate Debtor. The application was filed by the Resolution Professional, Ashish Arjunkumar Rathi, after the Committee of Creditors (CoC) failed to approve any resolution plan within the statutory period of 270 days. The CIRP was initiated based on a petition filed under Section 7, which was admitted on 2018-09-10. During the CIRP, eleven meetings of the CoC took place. The 10th CoC meeting discussed a resolution plan from the Employee Trust, but it was found to be non-compliant due to several infirmities, including an unsigned plan, non-submission of EMD, and failure to meet net worth criteria. No resolution
…American Express Banking Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Sunil Hitech Engineers Ltd. The CIRP was initiated based on a petition filed under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on 2018-09-10. Ashish Arjunkumar Rathi was appointed as the Resolution Professional (RP). During the CIRP, eleven meetings of the Committee of Creditors (CoC) took place. In the 10th CoC meeting, a resolution plan from the Employee Trust was discussed but deemed non-compliant due to various deficiencies, including an unsigned plan, non-submission of Earnest Money Deposit (EMD), and failure to meet net worth criteria. The statutory period of 270 days for the CIRP ended on 2019-06-07, and no resolution plan was approved.
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Petition filed under section 7 of the…
First meeting of the Committee of Creditors…
The case involves MA 2161/2019 filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Sunil Hitech Engineers Ltd, the Corporate Debtor. The application was filed by the Resolution Professional, Ashish Arjunkumar Rathi, after the Committee of Creditors (CoC) failed to approve any resolution plan within the statutory period of 270 days. The CIRP was initiated based on a petition filed under Section 7, which was admitted on 2018-09-10. During the CIRP, eleven meetings of the CoC took place. The 10th CoC meeting discussed a resolution plan from the Employee Trust, but it was found to be non-compliant due to several infirmities, including an unsigned plan, non-submission of EMD, and failure to meet net worth criteria. No resolution
…American Express Banking Corporation initiated Corporate Insolvency Resolution Process (CIRP) against Sunil Hitech Engineers Ltd. The CIRP was initiated based on a petition filed under Section 7 of the Insolvency and Bankruptcy Code, which was admitted on 2018-09-10. Ashish Arjunkumar Rathi was appointed as the Resolution Professional (RP). During the CIRP, eleven meetings of the Committee of Creditors (CoC) took place. In the 10th CoC meeting, a resolution plan from the Employee Trust was discussed but deemed non-compliant due to various deficiencies, including an unsigned plan, non-submission of Earnest Money Deposit (EMD), and failure to meet net worth criteria. The statutory period of 270 days for the CIRP ended on 2019-06-07, and no resolution plan was approved.
…Petition filed under section 7 of the…
First meeting of the Committee of Creditors…