The case pertains to the liquidation of M/s. Sembmarine Kakinada Limited ('CD') under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition by Axis Bank Limited. After failing to resolve the CD's insolvency during CIRP due to the termination of a land lease by Kakinada Seaports Limited, the RP filed an application for liquidation, which was approved by the NCLT. The liquidator was appointed, and efforts were made to sell the CD as a going concern. The Stakeholders' Consultation Committee (SCC) was formed, and multiple e-auction attempts were made. Ultimately, the CD was sold as a going concern to Anirudh Agro Farms Limited (AAFL). This application IA(IBC)/335/2024 was filed by
…On 2019-09-23, Axis Bank Limited initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Sembmarine Kakinada Limited ('CD'). Mr. Om Prakash Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. Due to the termination of a land lease by Kakinada Seaports Limited, the CIRP failed, and the RP filed an application for liquidation, which was approved on 2021-11-01. An advertisement was published on 2021-11-04 inviting claims from stakeholders, leading to the formation of the Stakeholders' Consultation Committee (SCC). 19 SCC meetings were conducted between 2022-01-07 and 2024-07-05. The CD was put up for e-auction, but initial attempts to sell it as a going concern failed. An offer was received from M/s. Anirudh Agro
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Axis Bank Limited's petition admitted,…
Mr. Om Prakash Agarwal confirmed as…
The case pertains to the liquidation of M/s. Sembmarine Kakinada Limited ('CD') under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition by Axis Bank Limited. After failing to resolve the CD's insolvency during CIRP due to the termination of a land lease by Kakinada Seaports Limited, the RP filed an application for liquidation, which was approved by the NCLT. The liquidator was appointed, and efforts were made to sell the CD as a going concern. The Stakeholders' Consultation Committee (SCC) was formed, and multiple e-auction attempts were made. Ultimately, the CD was sold as a going concern to Anirudh Agro Farms Limited (AAFL). This application IA(IBC)/335/2024 was filed by
…On 2019-09-23, Axis Bank Limited initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Sembmarine Kakinada Limited ('CD'). Mr. Om Prakash Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as RP. Due to the termination of a land lease by Kakinada Seaports Limited, the CIRP failed, and the RP filed an application for liquidation, which was approved on 2021-11-01. An advertisement was published on 2021-11-04 inviting claims from stakeholders, leading to the formation of the Stakeholders' Consultation Committee (SCC). 19 SCC meetings were conducted between 2022-01-07 and 2024-07-05. The CD was put up for e-auction, but initial attempts to sell it as a going concern failed. An offer was received from M/s. Anirudh Agro
…Axis Bank Limited's petition admitted,…
Mr. Om Prakash Agarwal confirmed as…