The case pertains to an application filed by the Resolution Professional of M/S GVK Industries Limited, seeking an order for liquidation of the Corporate Debtor under Sections 33(2) and 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 21.04.2022. Mr. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC) on 24.05.2022. The CoC approved the eligibility criteria for Prospective Resolution Applicants (PRAs) and timelines for inviting Expression of Interests (EOIs). The last date for submission of EOIs was extended to 17.08.2022. The Applicant conducted due diligence and found 3
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Industries Limited on 21.04.2022. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Several Committee of Creditors (CoC) meetings were held to discuss the resolution process. The last date for submission of Expression of Interests (EOIs) was extended to 17.08.2022. Despite due diligence, no resolution plan was received. The CIRP period was set to end on 18.10.2022. The CoC approved the liquidation of the Corporate Debtor with a majority vote of 80.33% on 17.10.2022. Bank of Baroda and Canara Bank proposed Mr. K. Sai Ramesh as Liquidator, while Edelweiss ARC proposed Mr. Anil Kohli. The Resolution Professional offered a 50%
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Corporate Insolvency…
Tribunal orders…
The case pertains to an application filed by the Resolution Professional of M/S GVK Industries Limited, seeking an order for liquidation of the Corporate Debtor under Sections 33(2) and 60(5) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 21.04.2022. Mr. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC) on 24.05.2022. The CoC approved the eligibility criteria for Prospective Resolution Applicants (PRAs) and timelines for inviting Expression of Interests (EOIs). The last date for submission of EOIs was extended to 17.08.2022. The Applicant conducted due diligence and found 3
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Industries Limited on 21.04.2022. Mukesh Verma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Several Committee of Creditors (CoC) meetings were held to discuss the resolution process. The last date for submission of Expression of Interests (EOIs) was extended to 17.08.2022. Despite due diligence, no resolution plan was received. The CIRP period was set to end on 18.10.2022. The CoC approved the liquidation of the Corporate Debtor with a majority vote of 80.33% on 17.10.2022. Bank of Baroda and Canara Bank proposed Mr. K. Sai Ramesh as Liquidator, while Edelweiss ARC proposed Mr. Anil Kohli. The Resolution Professional offered a 50%
…Corporate Insolvency…
Tribunal orders…