The case involves an application filed by the Resolution Professional (RP) of Savute Textiles Private Limited, Mr. K. Easwara Pillai, regarding the Corporate Insolvency Resolution Process (CIRP) of the company. The CIRP was initiated on 11.03.2022. Mr. Babu Abraham Kallivayail was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. K. Easwara Pillai. The IRP allegedly did not perform his duties adequately, leading to delays and complications in the CIRP. The CoC decided to liquidate the assets of the corporate debtor.
The Corporate Insolvency Resolution Process (CIRP) against Savute Textiles Private Limited was initiated on 11.03.2022. Mr. Babu Abraham Kallivayail was appointed as the Interim Resolution Professional (IRP), who was later replaced by Mr. K. Easwara Pillai as the Resolution Professional (RP). The IRP allegedly did not perform his duties, including appointing a valuer, preparing an information memorandum, and filing applications for preferential/avoidance/fraudulent transactions. The RP faced challenges in taking control of the corporate debtor's assets and found that the corporate debtor was actively engaged in manufacturing. The CIRP period was extended, and the RP received expressions of interest and two resolution plans. However, the Committee of Creditors (CoC)
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CIRP against the…
IRP effected public…
The case involves an application filed by the Resolution Professional (RP) of Savute Textiles Private Limited, Mr. K. Easwara Pillai, regarding the Corporate Insolvency Resolution Process (CIRP) of the company. The CIRP was initiated on 11.03.2022. Mr. Babu Abraham Kallivayail was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mr. K. Easwara Pillai. The IRP allegedly did not perform his duties adequately, leading to delays and complications in the CIRP. The CoC decided to liquidate the assets of the corporate debtor.
The Corporate Insolvency Resolution Process (CIRP) against Savute Textiles Private Limited was initiated on 11.03.2022. Mr. Babu Abraham Kallivayail was appointed as the Interim Resolution Professional (IRP), who was later replaced by Mr. K. Easwara Pillai as the Resolution Professional (RP). The IRP allegedly did not perform his duties, including appointing a valuer, preparing an information memorandum, and filing applications for preferential/avoidance/fraudulent transactions. The RP faced challenges in taking control of the corporate debtor's assets and found that the corporate debtor was actively engaged in manufacturing. The CIRP period was extended, and the RP received expressions of interest and two resolution plans. However, the Committee of Creditors (CoC)
…CIRP against the…
IRP effected public…