The application IA(IBC)/2334(CHE)/2023 was filed in IBA/911/2019 under Regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) for Shriram SEPL Composites Private Limited was initiated on 2020-12-23. Mr. Perumal Ulaganathan was appointed as the Interim Resolution Professional, and later the applicant, Ajay S Jain, was appointed as the Resolution Professional on 2021-03-05. During the CIRP, no resolution plan was received, leading to an application for liquidation under Section 33 of IBC, 2016. The Tribunal ordered liquidation on 2022-04-28 and appointed the applicant as the Liquidator.
The Corporate Insolvency Resolution Process (CIRP) of Shriram SEPL Composites Private Limited was initiated on 2020-12-23. After no resolution plan was received, an application for liquidation was filed, and the Tribunal ordered liquidation on 2022-04-28, appointing the applicant as the Liquidator. The Liquidator published a sale notice on 2022-08-10 and conducted an e-auction on 2022-08-26, where one bidder participated. The successful bidder paid the balance consideration and provided the proposed acquisition structure. The Liquidator filed applications seeking approval for the sale as a going concern, which were allowed on 2023-10-12. The Liquidator distributed the sale proceeds to the stakeholders as per Section 53 of the Insolvency and Bankruptcy Code, 2016. The
…Sign in to view the parties.
Corporate Insolvency Resolution Process…
Ajay S Jain appointed…
The application IA(IBC)/2334(CHE)/2023 was filed in IBA/911/2019 under Regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) for Shriram SEPL Composites Private Limited was initiated on 2020-12-23. Mr. Perumal Ulaganathan was appointed as the Interim Resolution Professional, and later the applicant, Ajay S Jain, was appointed as the Resolution Professional on 2021-03-05. During the CIRP, no resolution plan was received, leading to an application for liquidation under Section 33 of IBC, 2016. The Tribunal ordered liquidation on 2022-04-28 and appointed the applicant as the Liquidator.
The Corporate Insolvency Resolution Process (CIRP) of Shriram SEPL Composites Private Limited was initiated on 2020-12-23. After no resolution plan was received, an application for liquidation was filed, and the Tribunal ordered liquidation on 2022-04-28, appointing the applicant as the Liquidator. The Liquidator published a sale notice on 2022-08-10 and conducted an e-auction on 2022-08-26, where one bidder participated. The successful bidder paid the balance consideration and provided the proposed acquisition structure. The Liquidator filed applications seeking approval for the sale as a going concern, which were allowed on 2023-10-12. The Liquidator distributed the sale proceeds to the stakeholders as per Section 53 of the Insolvency and Bankruptcy Code, 2016. The
…Corporate Insolvency Resolution Process…
Ajay S Jain appointed…