The case involves an application for liquidation of the corporate debtor, Assotech Milan Resorts Pvt Ltd, under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of IBC, 2016, and admitted by the Adjudicating Authority on 07.07.2022. Mr. Suresh Chandra Pattnayak was appointed as the Interim Resolution Professional and later as the Resolution Professional. The CoC was constituted with Canara Bank of India as the sole financial creditor. An application for extension of the CIRP period was approved, extending it until 03.04.2023. The CoC decided to file for liquidation as no resolution plan was received, and the corporate debtor was not a going concern.
Ahluwalia Contracts (India) Limited (ACIL) initiated Corporate Insolvency Resolution Process (CIRP) against Assotech Milan Resorts Pvt Ltd. The CIRP was admitted on 07.07.2022. Suresh Chandra Pattnayak was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Canara Bank of India as the sole financial creditor holding 100% voting rights. The CIRP period was extended until 03.04.2023. Due to the non-cooperation of the suspended board of directors, the RP could not publish FORM G or appoint transaction auditors. No resolution plan was received. The CoC resolved to file an application for liquidation as the corporate debtor was not a going concern. The RP filed an application for liquidation under Section 33 of IBC, 2016. The
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The Insolven…
The Corporate Insolvency Resolution Process…
The case involves an application for liquidation of the corporate debtor, Assotech Milan Resorts Pvt Ltd, under Sections 33 & 34 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of IBC, 2016, and admitted by the Adjudicating Authority on 07.07.2022. Mr. Suresh Chandra Pattnayak was appointed as the Interim Resolution Professional and later as the Resolution Professional. The CoC was constituted with Canara Bank of India as the sole financial creditor. An application for extension of the CIRP period was approved, extending it until 03.04.2023. The CoC decided to file for liquidation as no resolution plan was received, and the corporate debtor was not a going concern.
Ahluwalia Contracts (India) Limited (ACIL) initiated Corporate Insolvency Resolution Process (CIRP) against Assotech Milan Resorts Pvt Ltd. The CIRP was admitted on 07.07.2022. Suresh Chandra Pattnayak was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed with Canara Bank of India as the sole financial creditor holding 100% voting rights. The CIRP period was extended until 03.04.2023. Due to the non-cooperation of the suspended board of directors, the RP could not publish FORM G or appoint transaction auditors. No resolution plan was received. The CoC resolved to file an application for liquidation as the corporate debtor was not a going concern. The RP filed an application for liquidation under Section 33 of IBC, 2016. The
…The Insolven…
The Corporate Insolvency Resolution Process…