The case involves an application filed to order the winding up of M/s. Tiruppur Surya Hitec Apparels Pvt Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) since 2017-06-14. The CIRP was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The 180-day period for CIRP expired on 2017-12-12, and a 30-day extension was granted. The Resolution Professional (RP) was appointed on the recommendation of the Committee of Creditors (CoC). The CoC decided on liquidation of the Corporate Debtor under Section 33(2) of the Code.
M/s. Tiruppur Surya Hitec Apparels Pvt Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 2017-06-14. The CIRP was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The 180-day period for CIRP expired on 2017-12-12, and a 30-day extension was granted. The claims of debt received amounted to Rs.154.91 Crores, while the claims admitted were Rs.153.70 Crores, comprising Rs.151.19 Crores due to Financial Creditors and Rs.2.51 Crores due to Operational Creditors. The business of the Corporate Debtor involved dyeing, embroidering, cutting, finishing, and allied works in connection with hosiery business. The company's financial position was stretched, and its operations were leased out for job work.
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Corporate Insolvency Resolution Process (CIRP)…
The initial 1…
The case involves an application filed to order the winding up of M/s. Tiruppur Surya Hitec Apparels Pvt Limited, which was undergoing Corporate Insolvency Resolution Process (CIRP) since 2017-06-14. The CIRP was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The 180-day period for CIRP expired on 2017-12-12, and a 30-day extension was granted. The Resolution Professional (RP) was appointed on the recommendation of the Committee of Creditors (CoC). The CoC decided on liquidation of the Corporate Debtor under Section 33(2) of the Code.
M/s. Tiruppur Surya Hitec Apparels Pvt Limited was undergoing Corporate Insolvency Resolution Process (CIRP) since 2017-06-14. The CIRP was initiated by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. The 180-day period for CIRP expired on 2017-12-12, and a 30-day extension was granted. The claims of debt received amounted to Rs.154.91 Crores, while the claims admitted were Rs.153.70 Crores, comprising Rs.151.19 Crores due to Financial Creditors and Rs.2.51 Crores due to Operational Creditors. The business of the Corporate Debtor involved dyeing, embroidering, cutting, finishing, and allied works in connection with hosiery business. The company's financial position was stretched, and its operations were leased out for job work.
…Corporate Insolvency Resolution Process (CIRP)…
The initial 1…