The case pertains to the liquidation of Saptarishi Hotels Private Limited. Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. As no resolution plan was approved by the Committee of Creditors (CoC), liquidation was ordered. The liquidator was appointed and initiated the liquidation process, including public announcements, verification of claims, and preparation of reports. The liquidator attempted to sell the Corporate Debtor as a going concern. After multiple attempts, an e-auction was conducted, and a successful bidder was identified. The successful bidder paid the sale consideration, and the liquidator distributed the proceeds as per the priority under Section 53 of the IBC.

The case pertains to the liquidation of Saptarishi Hotels Private Limited. Punjab National Bank initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. As no resolution plan was approved by the Committee of Creditors (CoC), liquidation was ordered. The liquidator was appointed and initiated the liquidation process, including public announcements, verification of claims, and preparation of reports. The liquidator attempted to sell the Corporate Debtor as a going concern. After multiple attempts, an e-auction was conducted, and a successful bidder was identified. The successful bidder paid the sale consideration, and the liquidator distributed the proceeds as per the priority under Section 53 of the IBC.