The case pertains to an application filed by the Resolution Professional under Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of Prismack Biotechnics Limited. The State Bank of India had initiated Corporate Insolvency Resolution Process (CIRP) against Prismack Biotechnics Limited, which was admitted by the Adjudicating Authority. Despite public announcements, no satisfactory resolution plans were received, leading the Committee of Creditors (CoC) to direct the Applicant to seek liquidation.
The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Prismack Biotechnics Limited under Section 7 of the IBC, 2016. The CIRP was admitted by the Adjudicating Authority on 07.02.2022. The Resolution Professional made public announcements in April 2022, but only two unsatisfactory responses were received. The Committee of Creditors (CoC) directed the Resolution Professional to extend the time for resolution plans, but no plans were received. The CoC then directed the Applicant to file an application for extension of CIRP period, which was granted from 06.08.2022 to 05.09.2022. Subsequently, the CoC approved the liquidation of the Corporate Debtor with a 100% voting share on 01.09.2022. The Resolution Professional filed an application
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State Bank of India filed an application under…
The Adjudicating…
The case pertains to an application filed by the Resolution Professional under Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking orders for the liquidation of Prismack Biotechnics Limited. The State Bank of India had initiated Corporate Insolvency Resolution Process (CIRP) against Prismack Biotechnics Limited, which was admitted by the Adjudicating Authority. Despite public announcements, no satisfactory resolution plans were received, leading the Committee of Creditors (CoC) to direct the Applicant to seek liquidation.
The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Prismack Biotechnics Limited under Section 7 of the IBC, 2016. The CIRP was admitted by the Adjudicating Authority on 07.02.2022. The Resolution Professional made public announcements in April 2022, but only two unsatisfactory responses were received. The Committee of Creditors (CoC) directed the Resolution Professional to extend the time for resolution plans, but no plans were received. The CoC then directed the Applicant to file an application for extension of CIRP period, which was granted from 06.08.2022 to 05.09.2022. Subsequently, the CoC approved the liquidation of the Corporate Debtor with a 100% voting share on 01.09.2022. The Resolution Professional filed an application
…State Bank of India filed an application under…
The Adjudicating…