The application was filed by the Resolution Professional seeking an order for liquidation of the Corporate Debtor after the Committee of Creditors unanimously resolved to liquidate the company.
The Corporate Insolvency Resolution Process ( CIRP ) of Saraswati Udyog India Limited was initiated on October 4, 2021. Subbiah Muthusamy was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). The Committee of Creditors (CoC) consists of City Union Bank and Karur Vysya Bank, holding 70% and 30% voting power, respectively. The 180-day CIRP period expired on April 4, 2022. The Resolution Professional issued an Expression of Interest (EOI) on February 7, 2022, but only one conditional Prospective Resolution Plan was received. In its 9th meeting on August 12, 2022, the CoC rejected this conditional plan and decided to proceed with liquidation. The resolution for liquidation was unanimously approved by the CoC
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Corporate Insolvency…
The Applicant…
The application was filed by the Resolution Professional seeking an order for liquidation of the Corporate Debtor after the Committee of Creditors unanimously resolved to liquidate the company.
The Corporate Insolvency Resolution Process ( CIRP ) of Saraswati Udyog India Limited was initiated on October 4, 2021. Subbiah Muthusamy was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). The Committee of Creditors (CoC) consists of City Union Bank and Karur Vysya Bank, holding 70% and 30% voting power, respectively. The 180-day CIRP period expired on April 4, 2022. The Resolution Professional issued an Expression of Interest (EOI) on February 7, 2022, but only one conditional Prospective Resolution Plan was received. In its 9th meeting on August 12, 2022, the CoC rejected this conditional plan and decided to proceed with liquidation. The resolution for liquidation was unanimously approved by the CoC
…Corporate Insolvency…
The Applicant…