The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s. Sanmati Distributors Private Limited. The CIRP was initiated based on a petition filed by Arvinder Singh, an operational creditor, under Section 9 of the Code. The Resolution Professional (RP), Santanu Bhattacharjee, filed an application for the dissolution of the Corporate Debtor due to the non-availability of assets and funds to continue the liquidation process. The Committee of Creditors (CoC), consisting of the sole operational creditor, approved the decision to dissolve the Corporate Debtor without going through liquidation.
M/s. Sanmati Distributors Private Limited, the Corporate Debtor, was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by an operational creditor, Arvinder Singh. The company had no fixed assets, inventory, employees, or revenue and was non-operational for several years. Its bank accounts were inoperative. The Committee of Creditors (CoC), comprising only the operational creditor, decided not to pursue liquidation due to the lack of assets to cover liquidation costs. The Resolution Professional (RP), Santanu Bhattacharjee, filed an application for early dissolution of the Corporate Debtor. The CIRP costs were borne by the operational creditor. The RP realized a cash balance of Rs. 2,35,403.00 from the suspended board of directors. The 180-day CIRP
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Public announcement of the CIRP was made in…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s. Sanmati Distributors Private Limited. The CIRP was initiated based on a petition filed by Arvinder Singh, an operational creditor, under Section 9 of the Code. The Resolution Professional (RP), Santanu Bhattacharjee, filed an application for the dissolution of the Corporate Debtor due to the non-availability of assets and funds to continue the liquidation process. The Committee of Creditors (CoC), consisting of the sole operational creditor, approved the decision to dissolve the Corporate Debtor without going through liquidation.
M/s. Sanmati Distributors Private Limited, the Corporate Debtor, was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by an operational creditor, Arvinder Singh. The company had no fixed assets, inventory, employees, or revenue and was non-operational for several years. Its bank accounts were inoperative. The Committee of Creditors (CoC), comprising only the operational creditor, decided not to pursue liquidation due to the lack of assets to cover liquidation costs. The Resolution Professional (RP), Santanu Bhattacharjee, filed an application for early dissolution of the Corporate Debtor. The CIRP costs were borne by the operational creditor. The RP realized a cash balance of Rs. 2,35,403.00 from the suspended board of directors. The 180-day CIRP
…The Adjudicating Authority passed an order for…
Public announcement of the CIRP was made in…