The case involves an application filed by the Liquidator of M/s. Suryabalaji Steel Private Limited, seeking an extension of the liquidation period, which was initially set to end on May 28, 2020. The Corporate Insolvency Resolution Process (CIRP) had commenced earlier, and the applicant was appointed as the Interim Resolution Professional. The factory was closed, and the State Bank of India had taken possession of the building. The applicant, along with appointed Registered Valuers, assessed the value of the assets. Despite efforts to revive the Corporate Debtor, no resolution plan was received. The State Bank of India, as the sole Financial Creditor, requested the Tribunal to liquidate the Corporate Debtor.
M/s. Suryabalaji Steel Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an order dated 05.10.2017. M.S. Viswanathan was appointed as the Interim Resolution Professional and later as Liquidator. The factory was closed, and State Bank of India took possession of the building. An attempt to revive the company failed, leading to a liquidation order dated 29.05.2018. A public announcement was made on 13.06.2018. A forensic audit revealed accounting deviations, with Rs. 12.35 crore transferred to group concerns. The liquidator attempted to sell assets, including plant and machinery, through e-auctions, but faced challenges selling the land due to it being leased from SIPCOT. The initial liquidation period was set to end on 28.05.2020. The
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The case involves an application filed by the Liquidator of M/s. Suryabalaji Steel Private Limited, seeking an extension of the liquidation period, which was initially set to end on May 28, 2020. The Corporate Insolvency Resolution Process (CIRP) had commenced earlier, and the applicant was appointed as the Interim Resolution Professional. The factory was closed, and the State Bank of India had taken possession of the building. The applicant, along with appointed Registered Valuers, assessed the value of the assets. Despite efforts to revive the Corporate Debtor, no resolution plan was received. The State Bank of India, as the sole Financial Creditor, requested the Tribunal to liquidate the Corporate Debtor.
M/s. Suryabalaji Steel Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an order dated 05.10.2017. M.S. Viswanathan was appointed as the Interim Resolution Professional and later as Liquidator. The factory was closed, and State Bank of India took possession of the building. An attempt to revive the company failed, leading to a liquidation order dated 29.05.2018. A public announcement was made on 13.06.2018. A forensic audit revealed accounting deviations, with Rs. 12.35 crore transferred to group concerns. The liquidator attempted to sell assets, including plant and machinery, through e-auctions, but faced challenges selling the land due to it being leased from SIPCOT. The initial liquidation period was set to end on 28.05.2020. The
…Adjudicating Authority…
The applicant was…