The case involves an application (I.A. No. 192 of 2022) filed in a Corporate Insolvency Resolution Process (CIRP) concerning Shree Aashraya Infra-Con. Limited. The CIRP was initiated based on a petition filed by Shree Aashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 06.04.2021 and appointed Mr. Hari Babu Thota as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP took steps as per the IBC, including issuing public announcements and constituting a Committee of Creditors (CoC). The promoters of the Corporate Debtor submitted a resolution plan, which was considered by the CoC. The RP sought approval for the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Aashraya Infra-Con. Limited, with Shree Aashraya Souhard Credit Society Limited as the financial creditor. Mr. Hari Babu Thota was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The promoters of the Corporate Debtor submitted a resolution plan for revival. The CoC approved the resolution plan with 100% voting share. The RP determined that certain transactions were preferential in nature. The Resolution Applicants claimed eligibility under Section 29A of the IBC, citing their status as an MSME, and submitted an MSME registration certificate. However, the MSME registration was obtained after the CIRP initiation date. The
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The main Petition bearing…
The Adjudicating Authority admitted the…
The case involves an application (I.A. No. 192 of 2022) filed in a Corporate Insolvency Resolution Process (CIRP) concerning Shree Aashraya Infra-Con. Limited. The CIRP was initiated based on a petition filed by Shree Aashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the petition on 06.04.2021 and appointed Mr. Hari Babu Thota as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP took steps as per the IBC, including issuing public announcements and constituting a Committee of Creditors (CoC). The promoters of the Corporate Debtor submitted a resolution plan, which was considered by the CoC. The RP sought approval for the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Aashraya Infra-Con. Limited, with Shree Aashraya Souhard Credit Society Limited as the financial creditor. Mr. Hari Babu Thota was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The promoters of the Corporate Debtor submitted a resolution plan for revival. The CoC approved the resolution plan with 100% voting share. The RP determined that certain transactions were preferential in nature. The Resolution Applicants claimed eligibility under Section 29A of the IBC, citing their status as an MSME, and submitted an MSME registration certificate. However, the MSME registration was obtained after the CIRP initiation date. The
…The main Petition bearing…
The Adjudicating Authority admitted the…