The case involves an application (IA 423/2022) filed by the Resolution Professional of PVK Engineers Private Limited/Corporate Debtor under Section 33(1)(a) r/w Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor and appointment of Mrs. Mummaneni Vazra Laxmi as the Liquidator. The Adjudicating Authority had previously admitted a Company Petition (CP (IB) No.106/7/HDB/2021) filed by Abhirama Steels Limited against PVK Engineers Private Limited and initiated the CIRP process, appointing Mrs. Mummaneni Vazra Laxmi as Interim Resolution Professional, who was later confirmed as Resolution Professional.
Abhirama Steels Limited initiated Corporate Insolvency Resolution Process (CIRP) against PVK Engineers Private Limited by filing CP(IB) No. 106/7/HDB/2021. The Adjudicating Authority admitted the petition on 29.10.2021. Mrs. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued Form-G on 28.01.2022 for Expression of Interest (EOI) but received no bids. The Committee of Creditors (COC) held its 4th meeting on 14.04.2022, where it was noted that there was no response to the EOIs, and the COC opined that the liquidation value of the financial assets was 'Nil'. The COC decided not to approve a second issuance of EOI and decided to liquidate the Corporate Debtor with 100%
…Sign in to view the parties.
The Adjudicating Authority admitted the…
Mrs. Mummaneni Vazra Laxmi was confirmed as…
The case involves an application (IA 423/2022) filed by the Resolution Professional of PVK Engineers Private Limited/Corporate Debtor under Section 33(1)(a) r/w Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of the Corporate Debtor and appointment of Mrs. Mummaneni Vazra Laxmi as the Liquidator. The Adjudicating Authority had previously admitted a Company Petition (CP (IB) No.106/7/HDB/2021) filed by Abhirama Steels Limited against PVK Engineers Private Limited and initiated the CIRP process, appointing Mrs. Mummaneni Vazra Laxmi as Interim Resolution Professional, who was later confirmed as Resolution Professional.
Abhirama Steels Limited initiated Corporate Insolvency Resolution Process (CIRP) against PVK Engineers Private Limited by filing CP(IB) No. 106/7/HDB/2021. The Adjudicating Authority admitted the petition on 29.10.2021. Mrs. Mummaneni Vazra Laxmi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP issued Form-G on 28.01.2022 for Expression of Interest (EOI) but received no bids. The Committee of Creditors (COC) held its 4th meeting on 14.04.2022, where it was noted that there was no response to the EOIs, and the COC opined that the liquidation value of the financial assets was 'Nil'. The COC decided not to approve a second issuance of EOI and decided to liquidate the Corporate Debtor with 100%
…The Adjudicating Authority admitted the…
Mrs. Mummaneni Vazra Laxmi was confirmed as…