The case pertains to an application filed under Section 33(3) r.w. 60(5) of the Insolvency and Bankruptcy Code, 2016 by Mr. Vishnu Kant Kabra (Liquidator/Applicant) seeking liquidation of the Corporate Debtor, Shree Sai OTO Tubes Mill Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a Company Petition filed by the Financial Creditor, Glamour India Pvt. Ltd., which was admitted on 08.04.2022. A moratorium was issued, and Vishnu Kant Kabra was appointed as the Interim Resolution Professional (IRP).
The Company Petition No. 289 of 2022 was filed by Glamour India Pvt. Ltd. to initiate CIRP against Shree Sai OTO Tubes Mill Limited. The petition was admitted on 08.04.2022, and a moratorium was issued. Vishnu Kant Kabra was appointed as the IRP. Several CoC meetings were held. Canara Bank's claim was initially under verification but later admitted. The CoC discussed the appointment of a Transactional Auditor and the need for interim finance. The Hon'ble NCLT verbally directed the RP not to pass any resolution regarding interim finance. The CoC decided to extend the CIRP period, but no resolution plan was approved. The CIRP period expired, and the applicant sought liquidation under section 33 of the Code. The applicant placed on record the Valuation Report by way of an
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The Company Petition…
A moratorium was issued against the Corporate…
The case pertains to an application filed under Section 33(3) r.w. 60(5) of the Insolvency and Bankruptcy Code, 2016 by Mr. Vishnu Kant Kabra (Liquidator/Applicant) seeking liquidation of the Corporate Debtor, Shree Sai OTO Tubes Mill Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a Company Petition filed by the Financial Creditor, Glamour India Pvt. Ltd., which was admitted on 08.04.2022. A moratorium was issued, and Vishnu Kant Kabra was appointed as the Interim Resolution Professional (IRP).
The Company Petition No. 289 of 2022 was filed by Glamour India Pvt. Ltd. to initiate CIRP against Shree Sai OTO Tubes Mill Limited. The petition was admitted on 08.04.2022, and a moratorium was issued. Vishnu Kant Kabra was appointed as the IRP. Several CoC meetings were held. Canara Bank's claim was initially under verification but later admitted. The CoC discussed the appointment of a Transactional Auditor and the need for interim finance. The Hon'ble NCLT verbally directed the RP not to pass any resolution regarding interim finance. The CoC decided to extend the CIRP period, but no resolution plan was approved. The CIRP period expired, and the applicant sought liquidation under section 33 of the Code. The applicant placed on record the Valuation Report by way of an
…The Company Petition…
A moratorium was issued against the Corporate…