The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced, and an Interim Resolution Professional was appointed. The Resolution Professional (RP) convened multiple Committee of Creditors (CoC) meetings to explore resolution plans. However, no resolution plan was approved, leading the CoC to resolve for liquidation of the Corporate Debtor.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing Company Petition (IB)-496(MB)/2023 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 made public announcements inviting claims from creditors. The RP also invited Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs). Despite receiving EoIs and Resolution Plans, none were approved by the Committee of Creditors (CoC). The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. The CoC, therefore, resolved to
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Tribunal passed an order in Company Petition…
The Resolution…
The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced, and an Interim Resolution Professional was appointed. The Resolution Professional (RP) convened multiple Committee of Creditors (CoC) meetings to explore resolution plans. However, no resolution plan was approved, leading the CoC to resolve for liquidation of the Corporate Debtor.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Advantage Overseas Private Limited by filing Company Petition (IB)-496(MB)/2023 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 made public announcements inviting claims from creditors. The RP also invited Expression of Interest (EoI) from Prospective Resolution Applicants (PRAs). Despite receiving EoIs and Resolution Plans, none were approved by the Committee of Creditors (CoC). The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. The CoC, therefore, resolved to
…Tribunal passed an order in Company Petition…
The Resolution…