The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S Sarda Agro Oils Limited, seeking an order to liquidate the Corporate Debtor and appoint the Applicant as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 27.08.2019. The Applicant was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). The CoC explored resolution plans, extended deadlines, and considered the impact of the COVID-19 pandemic. Ultimately, the CoC approved the liquidation of the Corporate Debtor with a 100% majority.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Sarda Agro Oils Limited on 27.08.2019. G. Madhusudan Rao was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) held several meetings to explore resolution plans, extending the deadlines for submission multiple times. Ten Expressions of Interest (EoIs) were received initially. The CIRP period was extended due to the COVID-19 pandemic and the introduction of Regulation 40C. Only two Resolution Plans were received, and the plan submitted by the suspended Board of the Corporate Debtor was rejected. The CoC, in its 10th meeting on 29.07.2020, approved the liquidation of the Corporate Debtor with a 100% majority,
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Corporate Insolvency…
Applicant appointed as Interim Resolution…
The case pertains to an Interlocutory Application filed by the Resolution Professional of M/S Sarda Agro Oils Limited, seeking an order to liquidate the Corporate Debtor and appoint the Applicant as the Liquidator. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 27.08.2019. The Applicant was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional by the Committee of Creditors (CoC). The CoC explored resolution plans, extended deadlines, and considered the impact of the COVID-19 pandemic. Ultimately, the CoC approved the liquidation of the Corporate Debtor with a 100% majority.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Sarda Agro Oils Limited on 27.08.2019. G. Madhusudan Rao was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) held several meetings to explore resolution plans, extending the deadlines for submission multiple times. Ten Expressions of Interest (EoIs) were received initially. The CIRP period was extended due to the COVID-19 pandemic and the introduction of Regulation 40C. Only two Resolution Plans were received, and the plan submitted by the suspended Board of the Corporate Debtor was rejected. The CoC, in its 10th meeting on 29.07.2020, approved the liquidation of the Corporate Debtor with a 100% majority,
…Corporate Insolvency…
Applicant appointed as Interim Resolution…