The case involves an application (IA No.18/HDB/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Ramakrishna Homeo Pharmaceuticals Private Limited. The CIRP was initiated based on a petition (CP(IB) No.194/7/HDB/2023) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was initially constituted and later reconstituted due to additional claims received from financial creditors.
The Corporate Debtor, Ramakrishna Homeo Pharmaceuticals Private Limited, was admitted into CIRP based on a petition filed under Section 7 of the IBC. Mr. Maligi Madhusudhana Reddy was appointed as the IRP and later confirmed as the RP. The initial CoC was formed, and later reconstituted due to additional claims. A major creditor, Mr. Md. Usman, holding 70.36% voting rights, did not participate in key CoC meetings and electronic voting. This resulted in a deadlock, preventing the approval of resolutions, including liquidation. The RP filed applications seeking directions and extension of the CIRP period. The court noted that the realizable properties of the corporate debtor were insufficient to cover the cost of liquidation. The CoC included Carbonzero Eco Projects Pvt
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Company Pet…
Corporate Debtor admitted into Corporate…
The case involves an application (IA No.18/HDB/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Ramakrishna Homeo Pharmaceuticals Private Limited. The CIRP was initiated based on a petition (CP(IB) No.194/7/HDB/2023) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Maligi Madhusudhana Reddy was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was initially constituted and later reconstituted due to additional claims received from financial creditors.
The Corporate Debtor, Ramakrishna Homeo Pharmaceuticals Private Limited, was admitted into CIRP based on a petition filed under Section 7 of the IBC. Mr. Maligi Madhusudhana Reddy was appointed as the IRP and later confirmed as the RP. The initial CoC was formed, and later reconstituted due to additional claims. A major creditor, Mr. Md. Usman, holding 70.36% voting rights, did not participate in key CoC meetings and electronic voting. This resulted in a deadlock, preventing the approval of resolutions, including liquidation. The RP filed applications seeking directions and extension of the CIRP period. The court noted that the realizable properties of the corporate debtor were insufficient to cover the cost of liquidation. The CoC included Carbonzero Eco Projects Pvt
…Company Pet…
Corporate Debtor admitted into Corporate…