The case pertains to I.A. No. 113 of 2020 in C.P. (IB) No. 41/BB/2019 filed by Mr. V. Duraisamy, the Resolution Professional (RP) of M/s. Sura Leathers Private Limited, seeking liquidation orders under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code (I&B Code). The initial Company Petition bearing C.P.(IB) No.41/BB/2019 was filed by M/s Vansun Intermediates Private Limited under Section 9 of the IBC, 2016 for initiating CIRP process in respect of the Corporate Debtor namely M/s Sura Leather Private Limited. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. Duraisamy as the Interim Resolution Professional (IRP). The IRP then made a public announcement and constituted a Committee of Creditors (CoC).
M/s. Vansun Intermediates Private Limited initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Sura Leathers Private Limited under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. Duraisamy as the Interim Resolution Professional (IRP). Mr. Duraisamy then made a public announcement and constituted a Committee of Creditors (CoC). The CoC consisted of State Bank of India as its sole member. Two resolution applicants, M/s. Vansun Intermediates Private Limited and M/s. Percept Leathers, submitted resolution plans. The CoC found the resolution plans to be unfeasible and lower than the liquidation value. The CoC also raised concerns about a condition in M/s. Vansun's plan involving the transfer
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The case pertains to I.A. No. 113 of 2020 in C.P. (IB) No. 41/BB/2019 filed by Mr. V. Duraisamy, the Resolution Professional (RP) of M/s. Sura Leathers Private Limited, seeking liquidation orders under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code (I&B Code). The initial Company Petition bearing C.P.(IB) No.41/BB/2019 was filed by M/s Vansun Intermediates Private Limited under Section 9 of the IBC, 2016 for initiating CIRP process in respect of the Corporate Debtor namely M/s Sura Leather Private Limited. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. Duraisamy as the Interim Resolution Professional (IRP). The IRP then made a public announcement and constituted a Committee of Creditors (CoC).
M/s. Vansun Intermediates Private Limited initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Sura Leathers Private Limited under Section 9 of the IBC, 2016. The Adjudicating Authority admitted the petition on 31.05.2019 and appointed Mr. Duraisamy as the Interim Resolution Professional (IRP). Mr. Duraisamy then made a public announcement and constituted a Committee of Creditors (CoC). The CoC consisted of State Bank of India as its sole member. Two resolution applicants, M/s. Vansun Intermediates Private Limited and M/s. Percept Leathers, submitted resolution plans. The CoC found the resolution plans to be unfeasible and lower than the liquidation value. The CoC also raised concerns about a condition in M/s. Vansun's plan involving the transfer
…The Adjudicating Authority admitted the…
Mr. Duraisamy was…