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, for the dissolution of M/s. Sanmati Distributors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Arvinder Singh (Operational Creditor) under Section 9 of the Code. Santanu Bhattacharjee was appointed as the Interim Resolution Professional (IRP). Public announcement was made as per regulations. The Committee of Creditors (CoC) was formed with Arvinder Singh as the sole member. The CoC decided not to issue Form G or appoint any transaction/forensic auditor due to the Corporate Debtor's lack of operations and
…M/s. Sanmati Distributors Private Limited, the Corporate Debtor, faced Corporate Insolvency Resolution Process (CIRP) initiated by Operational Creditor, Arvinder Singh. The company had no fixed assets, inventory, employees, or revenue and was non-operational for several years. The bank accounts of the Corporate Debtor were inoperative, and all CIRP transactions were conducted through the Resolution Professional's (RP) personal account. The Committee of Creditors (CoC), consisting solely of the Operational Creditor, decided against liquidation due to the lack of assets and funds. Valuation reports indicated a liquidation value of Rs. 2,35,403.33, which was the cash balance realized from the suspended board of directors. The CIRP costs were borne by the Operational
…Sign in to view the parties.
Adjudicating Authority passed an order for…
Public announcement in Form A was published…
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, for the dissolution of M/s. Sanmati Distributors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Arvinder Singh (Operational Creditor) under Section 9 of the Code. Santanu Bhattacharjee was appointed as the Interim Resolution Professional (IRP). Public announcement was made as per regulations. The Committee of Creditors (CoC) was formed with Arvinder Singh as the sole member. The CoC decided not to issue Form G or appoint any transaction/forensic auditor due to the Corporate Debtor's lack of operations and
…M/s. Sanmati Distributors Private Limited, the Corporate Debtor, faced Corporate Insolvency Resolution Process (CIRP) initiated by Operational Creditor, Arvinder Singh. The company had no fixed assets, inventory, employees, or revenue and was non-operational for several years. The bank accounts of the Corporate Debtor were inoperative, and all CIRP transactions were conducted through the Resolution Professional's (RP) personal account. The Committee of Creditors (CoC), consisting solely of the Operational Creditor, decided against liquidation due to the lack of assets and funds. Valuation reports indicated a liquidation value of Rs. 2,35,403.33, which was the cash balance realized from the suspended board of directors. The CIRP costs were borne by the Operational
…Adjudicating Authority passed an order for…
Public announcement in Form A was published…