The case involves an application for the dissolution of Smartron India Private Limited under Section 33(2) and 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Section 60(5) of the IBC and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Smartron India Private Limited following the admission of a Section 9 petition filed by ZTE Corporation, China. The Committee of Creditors (CoC) proposed direct dissolution of the Corporate Debtor, as resolution/revival was not feasible. The Resolution Professional (RP) filed the application for dissolution without liquidation, citing no assets to realize and the futility of incurring
…ZTE Corporation, China, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited by filing a Section 9 petition, which was admitted by the NCLT. Raghu Babu Gunturu was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) determined that the revival of Smartron India Private Limited was not feasible due to its financial condition. The CoC proposed direct dissolution of the company to avoid incurring additional liquidation expenses. The RP filed an application for dissolution under Section 33(2) and 54(1) of the IBC, stating that the company had no assets to realize. The total claims admitted were INR 10,42,13,498, with ZTE Corporation holding 99.74% of the voting share. The RP certified that there were no
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Corporate Insolvency Resolution Process…
Public announcement made in Financial Express…
The case involves an application for the dissolution of Smartron India Private Limited under Section 33(2) and 54(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Section 60(5) of the IBC and Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Smartron India Private Limited following the admission of a Section 9 petition filed by ZTE Corporation, China. The Committee of Creditors (CoC) proposed direct dissolution of the Corporate Debtor, as resolution/revival was not feasible. The Resolution Professional (RP) filed the application for dissolution without liquidation, citing no assets to realize and the futility of incurring
…ZTE Corporation, China, initiated Corporate Insolvency Resolution Process (CIRP) against Smartron India Private Limited by filing a Section 9 petition, which was admitted by the NCLT. Raghu Babu Gunturu was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) determined that the revival of Smartron India Private Limited was not feasible due to its financial condition. The CoC proposed direct dissolution of the company to avoid incurring additional liquidation expenses. The RP filed an application for dissolution under Section 33(2) and 54(1) of the IBC, stating that the company had no assets to realize. The total claims admitted were INR 10,42,13,498, with ZTE Corporation holding 99.74% of the voting share. The RP certified that there were no
…Corporate Insolvency Resolution Process…
Public announcement made in Financial Express…