The case involves an application for liquidation of Devas Engineering Systems Private Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-09-09. The applicant, Mr. K. Sivalingam, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period was extended, but no resolution plan was received. The Committee of Creditors (CoC) ultimately decided to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) for Devas Engineering Systems Private Limited was initiated on 2022-09-09. Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). An application was filed to extend the CIRP period for 90 days from 2023-03-13, and the order for extension was passed on 2023-06-26, after the initial 270-day CIRP period had expired. The Resolution Professional filed an application for liquidation of the Corporate Debtor. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the non-receipt of a resolution plan. The CoC recommended the appointment of SPP Insolvency Professionals LLP as the liquidator. The CoC also made recommendations
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Corporate Insolvency Resolution Process…
Order passed admitting…
The case involves an application for liquidation of Devas Engineering Systems Private Limited, the Corporate Debtor, under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-09-09. The applicant, Mr. K. Sivalingam, was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP period was extended, but no resolution plan was received. The Committee of Creditors (CoC) ultimately decided to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) for Devas Engineering Systems Private Limited was initiated on 2022-09-09. Mr. K. Sivalingam was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). An application was filed to extend the CIRP period for 90 days from 2023-03-13, and the order for extension was passed on 2023-06-26, after the initial 270-day CIRP period had expired. The Resolution Professional filed an application for liquidation of the Corporate Debtor. The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor due to the non-receipt of a resolution plan. The CoC recommended the appointment of SPP Insolvency Professionals LLP as the liquidator. The CoC also made recommendations
…Corporate Insolvency Resolution Process…
Order passed admitting…