The case pertains to an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Surina Impex Private Ltd. The application was filed by State Bank of India, the financial creditor, due to the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. However, the corporate debtor lacked sufficient assets to resolve its insolvency, and the RP faced resistance in taking control of the assets. The Committee of Creditors (CoC) ultimately recommended liquidation.
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Surina Impex Private Ltd. The application was based on the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The NCLT admitted the application on 07.08.2019, initiating the CIRP. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made public announcements and called for claims from creditors. State Bank of India and Indian Overseas Bank lodged claims. The Committee of Creditors (CoC) was constituted, with State Bank of India holding 61.91% of the voting share and Indian Overseas Bank
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Filing of CP(IB) No.…
The NCLT admitted the application and…
The case pertains to an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Surina Impex Private Ltd. The application was filed by State Bank of India, the financial creditor, due to the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed. However, the corporate debtor lacked sufficient assets to resolve its insolvency, and the RP faced resistance in taking control of the assets. The Committee of Creditors (CoC) ultimately recommended liquidation.
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Surina Impex Private Ltd. The application was based on the corporate debtor's default in paying a financial debt of Rs. 117,91,21,868/-. The NCLT admitted the application on 07.08.2019, initiating the CIRP. Sanjai Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The IRP made public announcements and called for claims from creditors. State Bank of India and Indian Overseas Bank lodged claims. The Committee of Creditors (CoC) was constituted, with State Bank of India holding 61.91% of the voting share and Indian Overseas Bank
…Filing of CP(IB) No.…
The NCLT admitted the application and…