The case pertains to IA-96/2024 filed in C.P.(IB)/496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An interim resolution professional was appointed, and the Committee of Creditors (CoC) was formed. The applicant published Form G inviting Expression of Interest (EoI) for Prospective Resolution Applicants (PRAs) in two local newspapers. Despite receiving EoIs and resolution plans, no resolution plan was approved by the CoC. The CoC ultimately resolved to liquidate the Corporate Debtor.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted, and CIRP commenced. An interim resolution professional was appointed, who was later appointed as the Resolution Professional (RP). The RP convened nine Committee of Creditors (CoC) meetings and sought a 90-day extension of the CIRP period. The RP published Form G inviting Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs) and received multiple EoIs and resolution plans. However, no resolution plan was approved by the CoC. The CoC, in its ninth meeting, resolved to liquidate the Corporate Debtor due to the absence
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Tribunal order in Company Petition…
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The case pertains to IA-96/2024 filed in C.P.(IB)/496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An interim resolution professional was appointed, and the Committee of Creditors (CoC) was formed. The applicant published Form G inviting Expression of Interest (EoI) for Prospective Resolution Applicants (PRAs) in two local newspapers. Despite receiving EoIs and resolution plans, no resolution plan was approved by the CoC. The CoC ultimately resolved to liquidate the Corporate Debtor.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted, and CIRP commenced. An interim resolution professional was appointed, who was later appointed as the Resolution Professional (RP). The RP convened nine Committee of Creditors (CoC) meetings and sought a 90-day extension of the CIRP period. The RP published Form G inviting Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs) and received multiple EoIs and resolution plans. However, no resolution plan was approved by the CoC. The CoC, in its ninth meeting, resolved to liquidate the Corporate Debtor due to the absence
…Tribunal order in Company Petition…
Resolution Professional…