The application IA/(IBC)/80/CHE/2023 was filed in IBA/870/2020 under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, concerning Ganga Foundations Private Limited. The CIRP was initiated on 2022-01-10, with Ms. Kavitha Surana initially appointed as the IRP. Subsequently, Ms. J.Karthiga was appointed as RP on 2022-10-28. The applicant sought liquidation of the Corporate Debtor. The CoC had a combined vote share of 81.15% and communicated their consent and approval for the applicant to be appointed as the Liquidator.
The Corporate Insolvency Resolution Process (CIRP) of Ganga Foundations Private Limited was initiated on 2022-01-10. Ms. Kavitha Surana was initially appointed as the Interim Resolution Professional (IRP) and later Ms. J.Karthiga was appointed as the Resolution Professional (RP) on 2022-10-28. The application for liquidation was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. There was a delay of 41 days in filing the application. The Committee of Creditors (CoC) with a combined vote share of 81.15% approved the liquidation. The initially nominated liquidator, Ms. J.Karthiga, had her AFA put on hold due to an IBBI investigation. State Bank of India (SBI), holding 74.54% vote share, recommended Mr. Mahalingam Suresh Kumar as the liquidator. The
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The Corporate Insolvency Resolution Process…
Ms. Kavitha Surana was…
The application IA/(IBC)/80/CHE/2023 was filed in IBA/870/2020 under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, concerning Ganga Foundations Private Limited. The CIRP was initiated on 2022-01-10, with Ms. Kavitha Surana initially appointed as the IRP. Subsequently, Ms. J.Karthiga was appointed as RP on 2022-10-28. The applicant sought liquidation of the Corporate Debtor. The CoC had a combined vote share of 81.15% and communicated their consent and approval for the applicant to be appointed as the Liquidator.
The Corporate Insolvency Resolution Process (CIRP) of Ganga Foundations Private Limited was initiated on 2022-01-10. Ms. Kavitha Surana was initially appointed as the Interim Resolution Professional (IRP) and later Ms. J.Karthiga was appointed as the Resolution Professional (RP) on 2022-10-28. The application for liquidation was filed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. There was a delay of 41 days in filing the application. The Committee of Creditors (CoC) with a combined vote share of 81.15% approved the liquidation. The initially nominated liquidator, Ms. J.Karthiga, had her AFA put on hold due to an IBBI investigation. State Bank of India (SBI), holding 74.54% vote share, recommended Mr. Mahalingam Suresh Kumar as the liquidator. The
…The Corporate Insolvency Resolution Process…
Ms. Kavitha Surana was…