The case involves multiple applications filed in the matter of M/s. Automotive Coaches and Components Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a default in repayment to Bank of Maharashtra. Several applications were filed, including those seeking liquidation of the Corporate Debtor, directions for the Resolution Professional, and consideration of resolution plans. The Committee of Creditors (CoC) ultimately decided to liquidate the Corporate Debtor as the resolution plans received were below the liquidation value.
M/s. Automotive Coaches and Components Limited (ACCL) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, Bank of Maharashtra, due to a default of Rs. 77,47,49,205/- as of 31.10.2018. The CIRP was initiated on 03.09.2019. Mr. Madurai Sundaram Sankar was initially appointed as the Interim Resolution Professional (IRP), later replaced by the applicant, Mr. Subrata Maity. Several CoC meetings were held to explore resolution plans. The CoC authorized the reissue of Form G to invite resolution applicants. It was discovered that the erstwhile Promoter, Jai Krishna Sudharsan, had become a Director of two other companies after ACCL became an NPA, leading to a
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Corporate Debtor…
Corporate Insolvency…
The case involves multiple applications filed in the matter of M/s. Automotive Coaches and Components Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following a default in repayment to Bank of Maharashtra. Several applications were filed, including those seeking liquidation of the Corporate Debtor, directions for the Resolution Professional, and consideration of resolution plans. The Committee of Creditors (CoC) ultimately decided to liquidate the Corporate Debtor as the resolution plans received were below the liquidation value.
M/s. Automotive Coaches and Components Limited (ACCL) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the Financial Creditor, Bank of Maharashtra, due to a default of Rs. 77,47,49,205/- as of 31.10.2018. The CIRP was initiated on 03.09.2019. Mr. Madurai Sundaram Sankar was initially appointed as the Interim Resolution Professional (IRP), later replaced by the applicant, Mr. Subrata Maity. Several CoC meetings were held to explore resolution plans. The CoC authorized the reissue of Form G to invite resolution applicants. It was discovered that the erstwhile Promoter, Jai Krishna Sudharsan, had become a Director of two other companies after ACCL became an NPA, leading to a
…Corporate Debtor…
Corporate Insolvency…