The case involves an application for the dissolution of Archana Motors Private Limited, a Corporate Debtor (CD), which was undergoing liquidation. The liquidation process was initiated by the Tribunal's order dated 2020-01-10, and the applicant was appointed as the liquidator. The liquidation period was extended multiple times. The Stakeholders Consultation Committee (SCC) decided to dissolve the company based on the liquidator's advice. There was a delay in filing the dissolution application due to pending writ petitions in the High Court, leading to a further extension of the liquidation period. Public announcements were made to invite claims, and claims were received and admitted. No valuers were appointed due to the absence of traceable assets, resulting in a nil
…Archana Motors Private Limited underwent liquidation, initiated by a Tribunal order on 2020-01-10, with a liquidator appointed. The liquidation period was extended eight times until 2023-10-31. The Stakeholders Consultation Committee (SCC) decided to dissolve the company on 2023-11-16. A delay in filing the dissolution application occurred due to two pending writ petitions in the High Court, resulting in a further extension until 2024-03-13. Public announcements invited claims, totaling Rs. 22,25,91,343.57, with admitted claims of Rs. 21,55,68,800.35. No valuers were appointed due to the absence of traceable assets, resulting in a nil liquidation value. Despite Rs. 24 crore worth of physical assets shown in the FY 2018 balance sheet, no assets were traceable. An
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The case involves an application for the dissolution of Archana Motors Private Limited, a Corporate Debtor (CD), which was undergoing liquidation. The liquidation process was initiated by the Tribunal's order dated 2020-01-10, and the applicant was appointed as the liquidator. The liquidation period was extended multiple times. The Stakeholders Consultation Committee (SCC) decided to dissolve the company based on the liquidator's advice. There was a delay in filing the dissolution application due to pending writ petitions in the High Court, leading to a further extension of the liquidation period. Public announcements were made to invite claims, and claims were received and admitted. No valuers were appointed due to the absence of traceable assets, resulting in a nil
…Archana Motors Private Limited underwent liquidation, initiated by a Tribunal order on 2020-01-10, with a liquidator appointed. The liquidation period was extended eight times until 2023-10-31. The Stakeholders Consultation Committee (SCC) decided to dissolve the company on 2023-11-16. A delay in filing the dissolution application occurred due to two pending writ petitions in the High Court, resulting in a further extension until 2024-03-13. Public announcements invited claims, totaling Rs. 22,25,91,343.57, with admitted claims of Rs. 21,55,68,800.35. No valuers were appointed due to the absence of traceable assets, resulting in a nil liquidation value. Despite Rs. 24 crore worth of physical assets shown in the FY 2018 balance sheet, no assets were traceable. An
…Tribunal's order to put…
Applicant appo…