The case involves an application filed by the Resolution Professional under Section 33(1)(a) read with Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Bevcon Wayors Private Limited. The Tribunal had previously admitted a petition filed by Ardee Hi-Tech Private Limited/Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP). Sistla Manjula was initially appointed as Interim Resolution Professional, later replaced by the current applicant. The matter was taken to the High Court of Telangana, where the CIRP was initially stayed but later vacated. Despite receiving interest from three Prospective Resolution Applicants (PRAs), including the Promoter of the Corporate Debtor, the resolution plans were rejected.
Ardee Hi-Tech Private Limited, an operational creditor, filed a petition against Bevcon Wayors Private Limited, the corporate debtor, which was admitted by the NCLT, initiating the Corporate Insolvency Resolution Process (CIRP). Sistla Manjula was appointed as the Interim Resolution Professional (IRP) and later replaced by the Applicant. The CIRP was stayed by the High Court of Telangana but subsequently vacated. The Resolution Professional received interest from three Prospective Resolution Applicants (PRAs), including the Promoter of the Corporate Debtor, Mr. Y. Srinivas Reddy Yadiki. The resolution plan submitted by the Promoter was deliberated in the 8th and 10th CoC meetings. The revised resolution plan amount of Rs. 21.46 crores was less than the liquidation
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Filing of CP (…
Tribunal admitted the Petition filed by M/s…
The case involves an application filed by the Resolution Professional under Section 33(1)(a) read with Section 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Bevcon Wayors Private Limited. The Tribunal had previously admitted a petition filed by Ardee Hi-Tech Private Limited/Operational Creditor, initiating the Corporate Insolvency Resolution Process (CIRP). Sistla Manjula was initially appointed as Interim Resolution Professional, later replaced by the current applicant. The matter was taken to the High Court of Telangana, where the CIRP was initially stayed but later vacated. Despite receiving interest from three Prospective Resolution Applicants (PRAs), including the Promoter of the Corporate Debtor, the resolution plans were rejected.
Ardee Hi-Tech Private Limited, an operational creditor, filed a petition against Bevcon Wayors Private Limited, the corporate debtor, which was admitted by the NCLT, initiating the Corporate Insolvency Resolution Process (CIRP). Sistla Manjula was appointed as the Interim Resolution Professional (IRP) and later replaced by the Applicant. The CIRP was stayed by the High Court of Telangana but subsequently vacated. The Resolution Professional received interest from three Prospective Resolution Applicants (PRAs), including the Promoter of the Corporate Debtor, Mr. Y. Srinivas Reddy Yadiki. The resolution plan submitted by the Promoter was deliberated in the 8th and 10th CoC meetings. The revised resolution plan amount of Rs. 21.46 crores was less than the liquidation
…Filing of CP (…
Tribunal admitted the Petition filed by M/s…