The case pertains to an application filed by the liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of the Corporate Debtor, M/s. Radheshyam Fibers Private Limited. The application is based on the ground that the assets of the Corporate Debtor have been fully liquidated. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 07.08.2017 at the instance of the Financial Creditor under section 7 of the IBC. Mr. Ramchandra D. Chaudhary was appointed as the IRP for the completion of CIRP and formed the Committee of Creditors (COC). No resolution plan was received, and the COC resolved to liquidate the Corporate Debtor on 12.12.2017. The Tribunal appointed the applicant as
…M/s. Radheshyam Fibers Private Limited was admitted into CIRP on 07.08.2017 following an application by a financial creditor under Section 7 of the IBC. Ramchandra D. Chaudhary was appointed as the IRP and later as the liquidator. The Committee of Creditors (COC) resolved to liquidate the company on 12.12.2017 as no resolution plan was received. The liquidator initiated the liquidation process, including public announcements and inviting claims from stakeholders. The Corporate Debtor's liabilities were Rs. 47,65,68,475 as of 15.01.2018. The liquidator conducted eight e-auctions, but only three properties were sold, realizing Rs. 1,56,50,000, which was distributed to State Bank of India. Unsold properties were revalued, and a consulting firm was hired to facilitate
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Corporate Debtor admitted into Corporate…
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The case pertains to an application filed by the liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of the Corporate Debtor, M/s. Radheshyam Fibers Private Limited. The application is based on the ground that the assets of the Corporate Debtor have been fully liquidated. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) vide order dated 07.08.2017 at the instance of the Financial Creditor under section 7 of the IBC. Mr. Ramchandra D. Chaudhary was appointed as the IRP for the completion of CIRP and formed the Committee of Creditors (COC). No resolution plan was received, and the COC resolved to liquidate the Corporate Debtor on 12.12.2017. The Tribunal appointed the applicant as
…M/s. Radheshyam Fibers Private Limited was admitted into CIRP on 07.08.2017 following an application by a financial creditor under Section 7 of the IBC. Ramchandra D. Chaudhary was appointed as the IRP and later as the liquidator. The Committee of Creditors (COC) resolved to liquidate the company on 12.12.2017 as no resolution plan was received. The liquidator initiated the liquidation process, including public announcements and inviting claims from stakeholders. The Corporate Debtor's liabilities were Rs. 47,65,68,475 as of 15.01.2018. The liquidator conducted eight e-auctions, but only three properties were sold, realizing Rs. 1,56,50,000, which was distributed to State Bank of India. Unsold properties were revalued, and a consulting firm was hired to facilitate
…Corporate Debtor admitted into Corporate…
Committee of Creditors resolved to liquidate…
Sign in to view related legal provisions.