The case involves an application filed by the Resolution Professional (RP) of Shree Bankey Behari Exports Limited, seeking the initiation of liquidation proceedings for the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP took necessary steps, including public announcements and appointment of service providers. Several extensions were sought for the CIRP period. Despite attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shree Bankey Behari Exports Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Rohit Sehgal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted with State Bank of India holding 60.11% of the voting share. The Corporate Debtor's primary asset is land and building located in Sonipat, Haryana. The CoC attempted to liquidate the Corporate Debtor early in the CIRP but later resumed the CIRP process. Three resolution plans were submitted but rejected by the CoC, even though one plan offered a higher value than the liquidation value. The CoC then resolved to liquidate the Corporate Debtor in its 16th meeting. The RP filed an
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Application filed by Mr. Rohit Sehgal, the…
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The case involves an application filed by the Resolution Professional (RP) of Shree Bankey Behari Exports Limited, seeking the initiation of liquidation proceedings for the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP took necessary steps, including public announcements and appointment of service providers. Several extensions were sought for the CIRP period. Despite attempts to find a resolution plan, none were approved by the Committee of Creditors (CoC).
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shree Bankey Behari Exports Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Rohit Sehgal was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted with State Bank of India holding 60.11% of the voting share. The Corporate Debtor's primary asset is land and building located in Sonipat, Haryana. The CoC attempted to liquidate the Corporate Debtor early in the CIRP but later resumed the CIRP process. Three resolution plans were submitted but rejected by the CoC, even though one plan offered a higher value than the liquidation value. The CoC then resolved to liquidate the Corporate Debtor in its 16th meeting. The RP filed an
…Application filed by Mr. Rohit Sehgal, the…
Adjudicating Authority…