The case involves a petition filed by Syndicate Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Visa Pharmaceuticals Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP by the Tribunal on 03.12.2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. Syndicate Bank, the sole financial creditor, submitted its claim. The Committee of Creditors (CoC) was formed, consisting of Syndicate Bank with 100% voting shares. The CoC approved the appointment of IRP as Resolution Professional (RP).
Syndicate Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Visa Pharmaceuticals Private Limited. The Corporate Debtor was admitted into CIRP on 03.12.2019, and Kannan Tiruvengadam was appointed as IRP. The IRP made a public announcement, and Syndicate Bank, the sole financial creditor, submitted its claim. The CoC, consisting of Syndicate Bank with 100% voting share, approved the appointment of IRP as RP. The RP filed an application for liquidation, stating that the Corporate Debtor had no significant trading activities or immovable properties and owed over ₹24 crores to Syndicate Bank. The CIRP period expired on 14.08.2020, and the RP could not prepare an information memorandum due to non-cooperation. The CoC
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The Corporate Debtor…
In the first CoC meeting, the CoC approved…
The case involves a petition filed by Syndicate Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Visa Pharmaceuticals Private Limited, the Corporate Debtor. The Corporate Debtor was admitted into CIRP by the Tribunal on 03.12.2019, and Mr. Kannan Tiruvengadam was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement inviting claims from creditors. Syndicate Bank, the sole financial creditor, submitted its claim. The Committee of Creditors (CoC) was formed, consisting of Syndicate Bank with 100% voting shares. The CoC approved the appointment of IRP as Resolution Professional (RP).
Syndicate Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Visa Pharmaceuticals Private Limited. The Corporate Debtor was admitted into CIRP on 03.12.2019, and Kannan Tiruvengadam was appointed as IRP. The IRP made a public announcement, and Syndicate Bank, the sole financial creditor, submitted its claim. The CoC, consisting of Syndicate Bank with 100% voting share, approved the appointment of IRP as RP. The RP filed an application for liquidation, stating that the Corporate Debtor had no significant trading activities or immovable properties and owed over ₹24 crores to Syndicate Bank. The CIRP period expired on 14.08.2020, and the RP could not prepare an information memorandum due to non-cooperation. The CoC
…The Corporate Debtor…
In the first CoC meeting, the CoC approved…