The case involves an application for liquidation of the Corporate Debtor, M/s. Tech Megacorp International Private Limited. The original petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the State Bank of India, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Brothers Ispat Private Limited, the Corporate Debtor. The application was admitted, and an Interim Resolution Professional was appointed. The Committee of Creditors (CoC) was formed, but no viable resolution plan could be evolved. Consequently, a resolution was proposed for the liquidation of the Corporate Debtor.
The State Bank of India, as the Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Brothers Ispat Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and an Interim Resolution Professional was appointed. The Corporate Debtor lacked essential resources such as an office, directors, staff, and records, hindering the formulation of a resolution plan. The Financial Creditor's claim amounted to Rs. 34,35,48,009.82, while the Operational Creditor's claim was Rs. 5,42,60,435. The Committee of Creditors (CoC) was unable to evolve a viable resolution plan, leading to a proposal for liquidation. The sole financial creditor (SBI)
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The case involves an application for liquidation of the Corporate Debtor, M/s. Tech Megacorp International Private Limited. The original petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the State Bank of India, the Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Brothers Ispat Private Limited, the Corporate Debtor. The application was admitted, and an Interim Resolution Professional was appointed. The Committee of Creditors (CoC) was formed, but no viable resolution plan could be evolved. Consequently, a resolution was proposed for the liquidation of the Corporate Debtor.
The State Bank of India, as the Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Shah Brothers Ispat Private Limited, the Corporate Debtor, by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, and an Interim Resolution Professional was appointed. The Corporate Debtor lacked essential resources such as an office, directors, staff, and records, hindering the formulation of a resolution plan. The Financial Creditor's claim amounted to Rs. 34,35,48,009.82, while the Operational Creditor's claim was Rs. 5,42,60,435. The Committee of Creditors (CoC) was unable to evolve a viable resolution plan, leading to a proposal for liquidation. The sole financial creditor (SBI)
…Adjudicating Authority appointed Interim…
Matter under considerati…