The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited following an order dated 10.11.2023, based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) was appointed and convened multiple Committee of Creditors (CoC) meetings. The RP sought an extension of the CIRP period. However, no resolution plan was approved by the CoC, leading to a decision 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 on 10.11.2023, 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 invited Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs) but received limited interest, with some PRAs withdrawing. The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. As no resolution plan was approved, the CoC
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Company Petition (IB)-496(MB)/2023 filed by…
The Resolution…
The case pertains to an Interlocutory Application (IA-96/2024) filed in connection with a Company Petition (IB)-496(MB)/2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against Advantage Overseas Private Limited following an order dated 10.11.2023, based on a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) was appointed and convened multiple Committee of Creditors (CoC) meetings. The RP sought an extension of the CIRP period. However, no resolution plan was approved by the CoC, leading to a decision 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 on 10.11.2023, 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 invited Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs) but received limited interest, with some PRAs withdrawing. The CoC noted that the Corporate Debtor had limited assets and was not an operating entity. As no resolution plan was approved, the CoC
…Company Petition (IB)-496(MB)/2023 filed by…
The Resolution…