The case pertains to an application filed by the Resolution Professional of Smartron India Private Limited under Section 33(2) & 54(1) read with Section 60(5) of the IBC, 2016, and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, seeking the dissolution of the Corporate Debtor without undergoing the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Section 9 petition filed by ZTE Corporation, China. The Committee of Creditors (CoC) proposed direct dissolution, deeming resolution/revival infeasible due to the Corporate Debtor's condition and the opinion that liquidation would incur additional expenditure and be futile.
ZTE Corporation, China, initiated the Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited by filing a Section 9 petition, which was admitted on 2024-01-10. Raghu Babu Gunturu was appointed as the Resolution Professional. A public announcement was made on 2024-01-17, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with ZTE Corporation holding 99.74% of the voting share. The CoC, in its 4th meeting, proposed direct dissolution of Smartron India Private Limited, considering resolution/revival infeasible and liquidation futile. The Resolution Professional then filed an application for direct dissolution under Section 33(2) & 54(1) of the IBC, 2016, arguing that the Corporate Debtor had no assets and no
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Corporate Insolvency Resolution Process (CIRP)…
Public announcement…
The case pertains to an application filed by the Resolution Professional of Smartron India Private Limited under Section 33(2) & 54(1) read with Section 60(5) of the IBC, 2016, and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016, seeking the dissolution of the Corporate Debtor without undergoing the liquidation process. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Section 9 petition filed by ZTE Corporation, China. The Committee of Creditors (CoC) proposed direct dissolution, deeming resolution/revival infeasible due to the Corporate Debtor's condition and the opinion that liquidation would incur additional expenditure and be futile.
ZTE Corporation, China, initiated the Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited by filing a Section 9 petition, which was admitted on 2024-01-10. Raghu Babu Gunturu was appointed as the Resolution Professional. A public announcement was made on 2024-01-17, inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with ZTE Corporation holding 99.74% of the voting share. The CoC, in its 4th meeting, proposed direct dissolution of Smartron India Private Limited, considering resolution/revival infeasible and liquidation futile. The Resolution Professional then filed an application for direct dissolution under Section 33(2) & 54(1) of the IBC, 2016, arguing that the Corporate Debtor had no assets and no
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement…