The case involves an application (IA(IBC)/176/2024) filed by Flywheel Logistics Solutions Private Limited, the successful bidder for Sree Naidu Beverages Private Limited, which was undergoing liquidation. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulations 33(2)(D) and 32(e) of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The applicant sought waivers and concessions related to the sale of the Corporate Debtor as a going concern. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sree Naidu Beverages Private Limited by State Bank of India under Section 7 of the IBC, and the company was subsequently ordered into liquidation after failed
…State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sree Naidu Beverages Pvt Ltd. under Section 7 of IBC, which was admitted on 2021-07-10. Mr. Krishna Mohan Gollamudi was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). Despite inviting Expression of Interest (EoI), no Resolution Plan was received. The CoC recommended liquidation, and the Tribunal ordered liquidation on 2022-04-13, confirming the RP as Liquidator. Public announcement was made on 2022-06-03, and multiple e-auction attempts failed due to lack of interest at the set reserve prices. The Liquidator explored private sale options and engaged with stakeholders. Flywheel Logistics Solutions (P) Ltd expressed interest in
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Corporate Insolvency Resolution Process…
CIRP admitted against…
The case involves an application (IA(IBC)/176/2024) filed by Flywheel Logistics Solutions Private Limited, the successful bidder for Sree Naidu Beverages Private Limited, which was undergoing liquidation. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulations 33(2)(D) and 32(e) of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The applicant sought waivers and concessions related to the sale of the Corporate Debtor as a going concern. The Corporate Insolvency Resolution Process (CIRP) was initiated against Sree Naidu Beverages Private Limited by State Bank of India under Section 7 of the IBC, and the company was subsequently ordered into liquidation after failed
…State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sree Naidu Beverages Pvt Ltd. under Section 7 of IBC, which was admitted on 2021-07-10. Mr. Krishna Mohan Gollamudi was appointed as Interim Resolution Professional (IRP) and later as Resolution Professional (RP). Despite inviting Expression of Interest (EoI), no Resolution Plan was received. The CoC recommended liquidation, and the Tribunal ordered liquidation on 2022-04-13, confirming the RP as Liquidator. Public announcement was made on 2022-06-03, and multiple e-auction attempts failed due to lack of interest at the set reserve prices. The Liquidator explored private sale options and engaged with stakeholders. Flywheel Logistics Solutions (P) Ltd expressed interest in
…Corporate Insolvency Resolution Process…
CIRP admitted against…