The case involves an application filed by the Resolution Professional (RP) of Opta Infrastructure Limited, seeking an order for liquidation of the Corporate Debtor (CD) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Opta Infrastructure Limited based on an application filed by Bank of Nova Scotia under Section 7 of the IBC. The RP was appointed as the liquidator. The CoC was constituted and held meetings to explore resolution options, including the surrender of land parcels owned by the CD to KIADB. However, no resolution plan was received within the stipulated time, leading to the decision to liquidate the CD.
Bank of Nova Scotia initiated Corporate Insolvency Resolution Process (CIRP) against Opta Infrastructure Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 25.07.2019. Vedagiri Venkata Krishnamurthy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted the Committee of Creditors (CoC). The CoC explored options, including the surrender of land parcels owned by the Corporate Debtor (CD) to Karnataka Industrial Area Development Board (KIADB). The CD had land parcels in Hassan and Nanjangud. The RP engaged with KIADB to determine the feasibility of surrendering the land and obtaining refunds. The CIRP period expired on 27.06.2020, and no
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The case involves an application filed by the Resolution Professional (RP) of Opta Infrastructure Limited, seeking an order for liquidation of the Corporate Debtor (CD) under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Opta Infrastructure Limited based on an application filed by Bank of Nova Scotia under Section 7 of the IBC. The RP was appointed as the liquidator. The CoC was constituted and held meetings to explore resolution options, including the surrender of land parcels owned by the CD to KIADB. However, no resolution plan was received within the stipulated time, leading to the decision to liquidate the CD.
Bank of Nova Scotia initiated Corporate Insolvency Resolution Process (CIRP) against Opta Infrastructure Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 25.07.2019. Vedagiri Venkata Krishnamurthy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted the Committee of Creditors (CoC). The CoC explored options, including the surrender of land parcels owned by the Corporate Debtor (CD) to Karnataka Industrial Area Development Board (KIADB). The CD had land parcels in Hassan and Nanjangud. The RP engaged with KIADB to determine the feasibility of surrendering the land and obtaining refunds. The CIRP period expired on 27.06.2020, and no
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