The case involves an application for the initiation of liquidation process for Nayaagarh Sugar Complex Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Nayaagarh Sugar Complex Limited by Encore Asset Reconstruction Company Private Limited.
Mr. Devendra Umrao was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The CIRP period was extended multiple times, including an exclusion of 243 days, but no resolution plan was submitted.
The Committee of Creditors (CoC) failed to approve further extensions or a resolution for liquidation.
The CoC did not contribute to the CIRP costs, hindering the RP's ability to make payments to professionals.
The Corporate Debtor lacked legal title to its primary assets, which remained vested with Cooperative Sugar Industries Limited.
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Corporate Debtor was admitted into the…
The 1st meeting of the CoC was held on…
The case involves an application for the initiation of liquidation process for Nayaagarh Sugar Complex Limited under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Nayaagarh Sugar Complex Limited by Encore Asset Reconstruction Company Private Limited.
Mr. Devendra Umrao was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The CIRP period was extended multiple times, including an exclusion of 243 days, but no resolution plan was submitted.
The Committee of Creditors (CoC) failed to approve further extensions or a resolution for liquidation.
The CoC did not contribute to the CIRP costs, hindering the RP's ability to make payments to professionals.
The Corporate Debtor lacked legal title to its primary assets, which remained vested with Cooperative Sugar Industries Limited.
…Corporate Debtor was admitted into the…
The 1st meeting of the CoC was held on…