State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shakti Bhog Foods Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 22.09.2022, and a moratorium was declared. Mr. Ram Ratan Kanoongo was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The IRP constituted a Committee of Creditors (CoC) comprising 10 Financial Creditors. Several CoC meetings were held to explore resolution plans. However, due to conditional resolution plans and trademark infringement issues, the CoC decided to liquidate the Corporate Debtor.
State Bank of India initiated CIRP against Shakti Bhog Foods Limited. The application was admitted on 22.09.2022, and Mr. Ram Ratan Kanoongo was appointed as IRP, later confirmed as RP. The IRP constituted a CoC. Several CoC meetings were held to invite and evaluate resolution plans. However, the resolution plans received were conditional, and there was a pending trademark infringement issue before the Delhi High Court. The Delhi High Court passed an order on 10.11.2023 regarding the trademark 'SHAKTI BHOG'. The CoC decided to liquidate the Corporate Debtor in its 18th meeting held on 20.01.2024, with 76.73% votes in favor. The RP convened the 19th meeting on 08.02.2024 to explore the possibility of sale of the CD as a going concern, which was approved with 83.04%
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State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shakti Bhog Foods Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 22.09.2022, and a moratorium was declared. Mr. Ram Ratan Kanoongo was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The IRP constituted a Committee of Creditors (CoC) comprising 10 Financial Creditors. Several CoC meetings were held to explore resolution plans. However, due to conditional resolution plans and trademark infringement issues, the CoC decided to liquidate the Corporate Debtor.
State Bank of India initiated CIRP against Shakti Bhog Foods Limited. The application was admitted on 22.09.2022, and Mr. Ram Ratan Kanoongo was appointed as IRP, later confirmed as RP. The IRP constituted a CoC. Several CoC meetings were held to invite and evaluate resolution plans. However, the resolution plans received were conditional, and there was a pending trademark infringement issue before the Delhi High Court. The Delhi High Court passed an order on 10.11.2023 regarding the trademark 'SHAKTI BHOG'. The CoC decided to liquidate the Corporate Debtor in its 18th meeting held on 20.01.2024, with 76.73% votes in favor. The RP convened the 19th meeting on 08.02.2024 to explore the possibility of sale of the CD as a going concern, which was approved with 83.04%
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Adjudicating Authority…