The application was filed by the liquidator of M/s. Chincholi Sugar and Bio Industries Limited, seeking closure of the liquidation process, reconstitution of the Board of Directors, change of status of the corporate debtor in ROC records, extinguishment of existing share capital, allotment of new shares, extinguishment of past liabilities and consequential actions, immunity from past actions of the corporate debtor, right over all the assets of the corporate debtor, and continuation or removal of licenses/approvals. The Adjudicating Authority initiated the liquidation process against the corporate debtor on 19.12.2019 and appointed the applicant as the liquidator. The liquidator issued a public announcement calling stakeholders to submit claims, verified the claims,
…The liquidator, G. Madhusudhan Rao, filed an application for the closure of the liquidation process of M/s. Chincholi Sugar and Bio Industries Limited, a corporate debtor. The liquidation process was initiated on 19.12.2019. The corporate debtor had an integrated sugar mill, a Cogeneration Power Plant, and a distillery, all partly constructed. The liquidator issued sale notices and conducted an e-auction. Siddhasiri Souharadaa Sahakari Niyamit emerged as the successful bidder with a bid of Rs.37.46 Crores and paid the balance sale consideration. The corporate debtor was sold as a going concern. The liquidator stated that there were no deviations or non-compliances with the Insolvency and Bankruptcy Code, regulations, or circulars, and no pending applications for
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The Adjudicating Authority initiated the…
Liquidator issued sale notice in the newspapers…
The application was filed by the liquidator of M/s. Chincholi Sugar and Bio Industries Limited, seeking closure of the liquidation process, reconstitution of the Board of Directors, change of status of the corporate debtor in ROC records, extinguishment of existing share capital, allotment of new shares, extinguishment of past liabilities and consequential actions, immunity from past actions of the corporate debtor, right over all the assets of the corporate debtor, and continuation or removal of licenses/approvals. The Adjudicating Authority initiated the liquidation process against the corporate debtor on 19.12.2019 and appointed the applicant as the liquidator. The liquidator issued a public announcement calling stakeholders to submit claims, verified the claims,
…The liquidator, G. Madhusudhan Rao, filed an application for the closure of the liquidation process of M/s. Chincholi Sugar and Bio Industries Limited, a corporate debtor. The liquidation process was initiated on 19.12.2019. The corporate debtor had an integrated sugar mill, a Cogeneration Power Plant, and a distillery, all partly constructed. The liquidator issued sale notices and conducted an e-auction. Siddhasiri Souharadaa Sahakari Niyamit emerged as the successful bidder with a bid of Rs.37.46 Crores and paid the balance sale consideration. The corporate debtor was sold as a going concern. The liquidator stated that there were no deviations or non-compliances with the Insolvency and Bankruptcy Code, regulations, or circulars, and no pending applications for
…The Adjudicating Authority initiated the…
Liquidator issued sale notice in the newspapers…