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 Pattanayak 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. The CIRP period was extended by 90 days from 04.01.2023 till 03.04.2023.
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 Pattanayak 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. The suspended board of directors did not cooperate, hindering the process. No resolution plan was received. The CoC unanimously decided to file for liquidation. The corporate debtor was deemed not a going concern. Suresh Chandra Pattnayak was appointed as the liquidator. The application for liquidation was filed under Section 33 of the IBC, 2016.
Sign in to view the parties.
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 Pattanayak 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. The CIRP period was extended by 90 days from 04.01.2023 till 03.04.2023.
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 Pattanayak 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. The suspended board of directors did not cooperate, hindering the process. No resolution plan was received. The CoC unanimously decided to file for liquidation. The corporate debtor was deemed not a going concern. Suresh Chandra Pattnayak was appointed as the liquidator. The application for liquidation was filed under Section 33 of the IBC, 2016.
The Insolven…
The Corporate Insolvency Resolution Process…