The Resolution Professional of Varam Bioenergy Pvt Ltd filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor due to the non-receipt of a resolution plan. The insolvency petition was initially filed by State Bank of India (SBI) under Section 7 of the Code, which was admitted on 2019-07-18. An Interim Resolution Professional (IRP) was appointed, later replaced by the applicant, Shri Vikas Prakash Gupta, as the Resolution Professional (RP). Despite efforts to invite resolution plans, none were received, leading the Committee of Creditors (CoC) to direct the applicant to file for liquidation.
The State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Varam Bioenergy Pvt Ltd by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 2019-07-18. An Interim Resolution Professional (IRP) was appointed, who was later replaced by Shri Vikas Prakash Gupta as the Resolution Professional (RP). Form G was published to invite expression of interest for resolution plans, with a deadline of 2019-10-07. The RP received requests from two prospective Resolution Applicants, but no resolution plan was ultimately submitted. The Committee of Creditors (CoC) did not propose any extension of the CIRP period, which expired on 2020-01-14. Consequently, the CoC directed the RP to file an
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The Insolvency Petition was filed by State…
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The Resolution Professional of Varam Bioenergy Pvt Ltd filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor due to the non-receipt of a resolution plan. The insolvency petition was initially filed by State Bank of India (SBI) under Section 7 of the Code, which was admitted on 2019-07-18. An Interim Resolution Professional (IRP) was appointed, later replaced by the applicant, Shri Vikas Prakash Gupta, as the Resolution Professional (RP). Despite efforts to invite resolution plans, none were received, leading the Committee of Creditors (CoC) to direct the applicant to file for liquidation.
The State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Varam Bioenergy Pvt Ltd by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition was admitted on 2019-07-18. An Interim Resolution Professional (IRP) was appointed, who was later replaced by Shri Vikas Prakash Gupta as the Resolution Professional (RP). Form G was published to invite expression of interest for resolution plans, with a deadline of 2019-10-07. The RP received requests from two prospective Resolution Applicants, but no resolution plan was ultimately submitted. The Committee of Creditors (CoC) did not propose any extension of the CIRP period, which expired on 2020-01-14. Consequently, the CoC directed the RP to file an
…The Insolvency Petition was filed by State…
The petition filed by…