The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Visa Drugs & Pharmaceutical Private Limited. The Adjudicating Authority admitted the petition filed by Syndicate Bank & Union Bank of India (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional made a public announcement and fixed a last date for submitting claims. Despite multiple publications for submissions of Expression of Interest, no prospective resolution applicant expressed interest in submitting a resolution plan. Consequently, the Committee of Creditors voted unanimously in favor of liquidation.
Syndicate Bank and Union Bank of India, acting as Financial Creditors, initiated insolvency proceedings against Visa Drugs & Pharmaceutical Private Limited. The Corporate Debtor was admitted into CIRP on 05.12.2019. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims. Despite several attempts to find a resolution plan, including multiple publications of Expression of Interest (EoI) and extensions of deadlines, no prospective resolution applicant showed interest. The Committee of Creditors (CoC) voted unanimously on 23.11.2020 to liquidate the Corporate Debtor. The Resolution Professional (RP) then filed an application seeking liquidation, which was considered by the Adjudicating Authority. The CoC had resolved
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The Corporate Debtor, Visa Drugs &…
The Interim Resolution Professional made a…
The case involves an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Visa Drugs & Pharmaceutical Private Limited. The Adjudicating Authority admitted the petition filed by Syndicate Bank & Union Bank of India (Financial Creditors) under section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional made a public announcement and fixed a last date for submitting claims. Despite multiple publications for submissions of Expression of Interest, no prospective resolution applicant expressed interest in submitting a resolution plan. Consequently, the Committee of Creditors voted unanimously in favor of liquidation.
Syndicate Bank and Union Bank of India, acting as Financial Creditors, initiated insolvency proceedings against Visa Drugs & Pharmaceutical Private Limited. The Corporate Debtor was admitted into CIRP on 05.12.2019. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims. Despite several attempts to find a resolution plan, including multiple publications of Expression of Interest (EoI) and extensions of deadlines, no prospective resolution applicant showed interest. The Committee of Creditors (CoC) voted unanimously on 23.11.2020 to liquidate the Corporate Debtor. The Resolution Professional (RP) then filed an application seeking liquidation, which was considered by the Adjudicating Authority. The CoC had resolved
…The Corporate Debtor, Visa Drugs &…
The Interim Resolution Professional made a…