The case involves an application (IA/IBC/806(CHE)/2022) filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Juku Orchem Pvt. Ltd., under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. An earlier application (MA/81/2021) was filed under Section 19(1)(2) of the same code, seeking directions for the Respondent to furnish financial statements and other documents. The Corporate Debtor was admitted into CIRP vide order dated 02.03.2022 in CP/748/IB/2018. The RP was appointed on 03.01.2022. The CIRP period was extended by 90 days on 14.03.2022. Despite issuing Form-G three times, no resolution plan was received.
The Corporate Debtor, Juku Orchem Pvt. Ltd., was admitted into CIRP on 02.03.2022. The Resolution Professional (RP), Mr. Chandrasekhar Sagutoor, was appointed on 03.01.2022. The Corporate Debtor's assets consist of two manufacturing facilities in Tamil Nadu. Certain third parties are in the premises of one facility, and the properties have not been handed over to the RP. The CIRP period was extended by 90 days on 14.03.2022. The Committee of Creditors (CoC), comprising Indian Overseas Bank, voted with 100% majority on 27.06.2022 to liquidate the Corporate Debtor due to the absence of any resolution plan. The estimated liquidation cost is Rs. 13.96 Lakhs. The RP filed an application (IA/806/2022) seeking liquidation, and another application (MA/81/2021) seeking
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Corporate Debtor…
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The case involves an application (IA/IBC/806(CHE)/2022) filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Juku Orchem Pvt. Ltd., under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. An earlier application (MA/81/2021) was filed under Section 19(1)(2) of the same code, seeking directions for the Respondent to furnish financial statements and other documents. The Corporate Debtor was admitted into CIRP vide order dated 02.03.2022 in CP/748/IB/2018. The RP was appointed on 03.01.2022. The CIRP period was extended by 90 days on 14.03.2022. Despite issuing Form-G three times, no resolution plan was received.
The Corporate Debtor, Juku Orchem Pvt. Ltd., was admitted into CIRP on 02.03.2022. The Resolution Professional (RP), Mr. Chandrasekhar Sagutoor, was appointed on 03.01.2022. The Corporate Debtor's assets consist of two manufacturing facilities in Tamil Nadu. Certain third parties are in the premises of one facility, and the properties have not been handed over to the RP. The CIRP period was extended by 90 days on 14.03.2022. The Committee of Creditors (CoC), comprising Indian Overseas Bank, voted with 100% majority on 27.06.2022 to liquidate the Corporate Debtor due to the absence of any resolution plan. The estimated liquidation cost is Rs. 13.96 Lakhs. The RP filed an application (IA/806/2022) seeking liquidation, and another application (MA/81/2021) seeking
…Corporate Debtor…
Applicant appointed as…