The case involves an application filed by the Resolution Professional (RP) under Section 60(5) and 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Lakshmi Transcon Private Limited (Corporate Debtor). A resolution plan submitted by Mr. OWK Madhu Manohara Rao was previously approved by the Tribunal on 07.07.2023. A Monitoring Committee was established, including representatives from Financial Creditors, SRA, and the RP. The SRA failed to make payments as per the approved resolution plan, leading to the current application for liquidation.
Arvensis Energy Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lakshmi Transcon Private Limited. A resolution plan submitted by OWK Madhu Manohara Rao was approved on 07.07.2023. The approved plan required the SRA (Successful Resolution Applicant) to make payments in four installments within 90 days from the effective date (12.07.2023). The SRA failed to make payments as per the approved resolution plan. The SRA filed an application (IA No.1653/2023) seeking condonation of delay, which was dismissed. The Monitoring Agent scheduled a meeting with financial creditors on 05.12.2023, where resolutions were passed with 91.40% approval, allowing the SRA to pay the outstanding balance by 13.12.2023. The SRA remitted Rs.73,58,462/- as
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The Tribunal approved the Resolution plan vide…
Effective date for…
The case involves an application filed by the Resolution Professional (RP) under Section 60(5) and 33 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of M/s. Lakshmi Transcon Private Limited (Corporate Debtor). A resolution plan submitted by Mr. OWK Madhu Manohara Rao was previously approved by the Tribunal on 07.07.2023. A Monitoring Committee was established, including representatives from Financial Creditors, SRA, and the RP. The SRA failed to make payments as per the approved resolution plan, leading to the current application for liquidation.
Arvensis Energy Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lakshmi Transcon Private Limited. A resolution plan submitted by OWK Madhu Manohara Rao was approved on 07.07.2023. The approved plan required the SRA (Successful Resolution Applicant) to make payments in four installments within 90 days from the effective date (12.07.2023). The SRA failed to make payments as per the approved resolution plan. The SRA filed an application (IA No.1653/2023) seeking condonation of delay, which was dismissed. The Monitoring Agent scheduled a meeting with financial creditors on 05.12.2023, where resolutions were passed with 91.40% approval, allowing the SRA to pay the outstanding balance by 13.12.2023. The SRA remitted Rs.73,58,462/- as
…The Tribunal approved the Resolution plan vide…
Effective date for…