The case pertains to the dissolution of Sacos Indigo Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. An application was initially filed under Section 9 of the IBC by Fairdeal International, an operational creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Santanu T Ray was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite inviting resolution plans, only one non-compliant plan was received. Consequently, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator.
Fairdeal International, an operational creditor, initiated proceedings against Sacos Indigo Private Limited under Section 9 of the IBC, leading to the commencement of CIRP on 2020-05-26. Mr. Santanu T Ray was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite inviting resolution plans, only one non-compliant plan was received. The COC decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator. The liquidator made public announcements and conducted e-auctions to sell the Corporate Debtor's assets, which included land, building, plant, and machinery. The assets were successfully sold during the second e-auction on 2022-09-16 to Innoweave Global Packaging Solutions for Rs. 14,00,00,000.
…Sign in to view the parties.
The Tribunal admitted the petition under…
Mr. Santanu T Ray was appointed as an Interim…
The case pertains to the dissolution of Sacos Indigo Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016. An application was initially filed under Section 9 of the IBC by Fairdeal International, an operational creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Mr. Santanu T Ray was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite inviting resolution plans, only one non-compliant plan was received. Consequently, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator.
Fairdeal International, an operational creditor, initiated proceedings against Sacos Indigo Private Limited under Section 9 of the IBC, leading to the commencement of CIRP on 2020-05-26. Mr. Santanu T Ray was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Despite inviting resolution plans, only one non-compliant plan was received. The COC decided to liquidate the Corporate Debtor, and Mr. Ray was appointed as the Liquidator. The liquidator made public announcements and conducted e-auctions to sell the Corporate Debtor's assets, which included land, building, plant, and machinery. The assets were successfully sold during the second e-auction on 2022-09-16 to Innoweave Global Packaging Solutions for Rs. 14,00,00,000.
…The Tribunal admitted the petition under…
Mr. Santanu T Ray was appointed as an Interim…