The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, JKS The Banyaan Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-04-23 by the Corporate Debtor itself. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 2021-05-12. Several Committee of Creditors (COC) meetings were held to discuss the resolution process. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal. Despite efforts to find a resolution plan, no viable plan was received, leading the COC to unanimously
…The Corporate Debtor, JKS The Banyaan Private Limited, initiated its own CIRP on 2021-04-23. Mr. J Manivannan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2021-05-12. The first COC meeting was held on 2021-08-06, with Bank of Baroda as the sole financial creditor holding 100% voting rights. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal on 2022-06-09. The last date for submission of the resolution plan was extended multiple times. The COC resolved to liquidate the Corporate Debtor on 2022-08-02, as no Expression of Interest (EOI) was received due to the lack of construction activity and RERA approval.
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The Corporate Insolvency Resolution Process…
The Interim Resolution…
The case pertains to an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, JKS The Banyaan Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2021-04-23 by the Corporate Debtor itself. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 2021-05-12. Several Committee of Creditors (COC) meetings were held to discuss the resolution process. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal. Despite efforts to find a resolution plan, no viable plan was received, leading the COC to unanimously
…The Corporate Debtor, JKS The Banyaan Private Limited, initiated its own CIRP on 2021-04-23. Mr. J Manivannan was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2021-05-12. The first COC meeting was held on 2021-08-06, with Bank of Baroda as the sole financial creditor holding 100% voting rights. An application was filed seeking exclusion of the COVID-19 period from 2021-04-23 to 2022-08-28 and extension of the CIRP period, which was allowed by the Tribunal on 2022-06-09. The last date for submission of the resolution plan was extended multiple times. The COC resolved to liquidate the Corporate Debtor on 2022-08-02, as no Expression of Interest (EOI) was received due to the lack of construction activity and RERA approval.
…The Corporate Insolvency Resolution Process…
The Interim Resolution…