The case pertains to the dissolution of Prescot Productions Private Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.08.2019, and Mr. P R Raman was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). Liquidation was ordered on 02.09.2021, and Ms. Mekala was appointed as the Liquidator. The liquidator filed an application seeking the dissolution of the Corporate Debtor and directions for payment of liquidation costs. The CoC opted for liquidation due to insufficient realizable properties to cover the liquidation costs. The RP had determined certain transactions as avoidable, but no application was filed under IBC. The assets of the Corporate
…The Corporate Insolvency Resolution Process (CIRP) of Prescot Productions Private Limited was initiated on 2019-08-23. Mr. P R Raman was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2021-09-02, and Ms. Mekala was appointed as the Liquidator. The liquidator made a public announcement on 2021-09-16. The liquidator contacted City Union Bank to open a 'No Lien Liquidation Account' on 2021-10-04, which was eventually opened on 2021-12-29 with a balance of Rs. 22,554. The liquidator received two claims: one from the Financial Creditor for Rs. 92,69,149 and another from the ESI department for Rs. 5,08,960. The liquidator contacted the promoters of the Corporate
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CIRP of the Co…
Liquidation…
The case pertains to the dissolution of Prescot Productions Private Limited under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 23.08.2019, and Mr. P R Raman was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP). Liquidation was ordered on 02.09.2021, and Ms. Mekala was appointed as the Liquidator. The liquidator filed an application seeking the dissolution of the Corporate Debtor and directions for payment of liquidation costs. The CoC opted for liquidation due to insufficient realizable properties to cover the liquidation costs. The RP had determined certain transactions as avoidable, but no application was filed under IBC. The assets of the Corporate
…The Corporate Insolvency Resolution Process (CIRP) of Prescot Productions Private Limited was initiated on 2019-08-23. Mr. P R Raman was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The liquidation of the Corporate Debtor was ordered on 2021-09-02, and Ms. Mekala was appointed as the Liquidator. The liquidator made a public announcement on 2021-09-16. The liquidator contacted City Union Bank to open a 'No Lien Liquidation Account' on 2021-10-04, which was eventually opened on 2021-12-29 with a balance of Rs. 22,554. The liquidator received two claims: one from the Financial Creditor for Rs. 92,69,149 and another from the ESI department for Rs. 5,08,960. The liquidator contacted the promoters of the Corporate
…CIRP of the Co…
Liquidation…