The case pertains to an application filed by the Resolution Professional seeking liquidation of Visa Drugs & Pharmaceutical Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 05.12.2019, following a petition filed by Syndicate Bank & Union Bank of India (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. Despite efforts, no resolution plan was submitted, and the Committee of Creditors voted unanimously for liquidation.
Syndicate Bank and Union Bank of India initiated insolvency proceedings against Visa Drugs & Pharmaceutical Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on December 5, 2019. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on December 11, 2019, setting December 19, 2019, as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on December 27, 2019. Despite multiple publications inviting expressions of interest, no resolution plan was submitted. The CoC voted unanimously on November 23, 2020, to liquidate the Corporate Debtor. The Resolution Professional filed an application (IA No. 1390/KB/2020) seeking liquidation. The
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The case pertains to an application filed by the Resolution Professional seeking liquidation of Visa Drugs & Pharmaceutical Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP on 05.12.2019, following a petition filed by Syndicate Bank & Union Bank of India (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. Despite efforts, no resolution plan was submitted, and the Committee of Creditors voted unanimously for liquidation.
Syndicate Bank and Union Bank of India initiated insolvency proceedings against Visa Drugs & Pharmaceutical Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on December 5, 2019. An Interim Resolution Professional (IRP) was appointed, who made a public announcement on December 11, 2019, setting December 19, 2019, as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on December 27, 2019. Despite multiple publications inviting expressions of interest, no resolution plan was submitted. The CoC voted unanimously on November 23, 2020, to liquidate the Corporate Debtor. The Resolution Professional filed an application (IA No. 1390/KB/2020) seeking liquidation. The
…The Corporate…
The Interim Re…