The application was filed by the Resolution Professional of M/s. A.L. Sudershan Construction Company Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC Code), seeking to liquidate the Corporate Debtor. The Tribunal had previously appointed Sri Kalvakolanu Murali Krishna Prasad as Interim Resolution Professional. A public notice was issued inviting claims from creditors, and Canara Bank submitted a claim. A Committee of Creditors (CoC) was constituted with Canara Bank as the sole financial creditor. The CoC resolved to initiate liquidation due to the absence of resolution plans and pending litigation.
M/s. A.L. Sudershan Construction Company Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). Sri Kalvakolanu Murali Krishna Prasad was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public notice was issued to invite claims from creditors. Canara Bank submitted a claim of INR 354,24,89,959, which was admitted in full. Canara Bank was the sole financial creditor, constituting the Committee of Creditors (CoC) with 100% voting share. Despite extending the deadline twice, no resolution plan was received. The CoC resolved to initiate liquidation due to pending litigation, including appeals by NHAI and the suspended director. The Corporate Debtor had limited tangible assets, primarily
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The application was filed by the Resolution Professional of M/s. A.L. Sudershan Construction Company Limited (Corporate Debtor) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC Code), seeking to liquidate the Corporate Debtor. The Tribunal had previously appointed Sri Kalvakolanu Murali Krishna Prasad as Interim Resolution Professional. A public notice was issued inviting claims from creditors, and Canara Bank submitted a claim. A Committee of Creditors (CoC) was constituted with Canara Bank as the sole financial creditor. The CoC resolved to initiate liquidation due to the absence of resolution plans and pending litigation.
M/s. A.L. Sudershan Construction Company Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP). Sri Kalvakolanu Murali Krishna Prasad was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public notice was issued to invite claims from creditors. Canara Bank submitted a claim of INR 354,24,89,959, which was admitted in full. Canara Bank was the sole financial creditor, constituting the Committee of Creditors (CoC) with 100% voting share. Despite extending the deadline twice, no resolution plan was received. The CoC resolved to initiate liquidation due to pending litigation, including appeals by NHAI and the suspended director. The Corporate Debtor had limited tangible assets, primarily
…Hon'ble NCLT H…
Order copy o…