The application is filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the liquidator of the Corporate Debtor, seeking an order for the dissolution of the Corporate Debtor.
CIRP was initiated against M/s. Deepsea Developers Private Limited on 18.03.2019.
Liquidation was ordered on 26.11.2019, and C Ramasubramaniam was appointed as the Liquidator.
The Liquidator made a public announcement in Form B, inviting claims.
The sole asset of the company, 55.80 acres of vacant land in Thoothukudi District, was sold through e-auction for Rs.72,88,641.
The total admitted claims amounted to Rs.21,12,39,831.74.
A partial distribution of Rs.63,02,013 was made to the secured financial creditor, City Union Bank Ltd., representing a recovery of approximately 2.98% of their total admitted claim.
Liquidation Bank Account was opened with City Union Bank and closed on 15.05.2024.
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Corporate Insolvency…
Liquidation was…
The application is filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the liquidator of the Corporate Debtor, seeking an order for the dissolution of the Corporate Debtor.
CIRP was initiated against M/s. Deepsea Developers Private Limited on 18.03.2019.
Liquidation was ordered on 26.11.2019, and C Ramasubramaniam was appointed as the Liquidator.
The Liquidator made a public announcement in Form B, inviting claims.
The sole asset of the company, 55.80 acres of vacant land in Thoothukudi District, was sold through e-auction for Rs.72,88,641.
The total admitted claims amounted to Rs.21,12,39,831.74.
A partial distribution of Rs.63,02,013 was made to the secured financial creditor, City Union Bank Ltd., representing a recovery of approximately 2.98% of their total admitted claim.
Liquidation Bank Account was opened with City Union Bank and closed on 15.05.2024.
…Corporate Insolvency…
Liquidation was…