The case pertains to an application filed for the liquidation of Sri Lakshmi Kantha Spinners Ltd after the Corporate Insolvency Resolution Process (CIRP) failed to yield a resolution plan. The CIRP was initiated on 2019-08-01. Despite efforts by the Resolution Professional (RP) and the Committee of Creditors (CoC), the suspended directors of the company did not cooperate in providing necessary information. The RP published invitations for resolution plans, but none were received. The CoC ultimately recommended liquidation, leading to the application before the Adjudicating Authority.
Sri Lakshmi Kantha Spinners Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-01. The Resolution Professional (RP) was appointed and made public announcements inviting claims from creditors. A Committee of Creditors (CoC) was formed. The RP requested information from the suspended directors and statutory auditor, but they did not provide it. The RP appointed a Transaction Auditor to audit transactions under Sections 43, 45, 50, and 66 of the IBC, but the necessary information was not provided. The RP published invitations for Expression of Interest (EoI) but received no resolution plans. ATA Agro Commodities Limited, holding 18.64% equity, provided a corporate guarantee to State Bank of India. The suspended directors failed to adhere to
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Sri Lakshmi Kantha Spinners Ltd was admitted…
The Resolution Professional (RP) issued a…
The case pertains to an application filed for the liquidation of Sri Lakshmi Kantha Spinners Ltd after the Corporate Insolvency Resolution Process (CIRP) failed to yield a resolution plan. The CIRP was initiated on 2019-08-01. Despite efforts by the Resolution Professional (RP) and the Committee of Creditors (CoC), the suspended directors of the company did not cooperate in providing necessary information. The RP published invitations for resolution plans, but none were received. The CoC ultimately recommended liquidation, leading to the application before the Adjudicating Authority.
Sri Lakshmi Kantha Spinners Ltd was admitted into Corporate Insolvency Resolution Process (CIRP) on 2019-08-01. The Resolution Professional (RP) was appointed and made public announcements inviting claims from creditors. A Committee of Creditors (CoC) was formed. The RP requested information from the suspended directors and statutory auditor, but they did not provide it. The RP appointed a Transaction Auditor to audit transactions under Sections 43, 45, 50, and 66 of the IBC, but the necessary information was not provided. The RP published invitations for Expression of Interest (EoI) but received no resolution plans. ATA Agro Commodities Limited, holding 18.64% equity, provided a corporate guarantee to State Bank of India. The suspended directors failed to adhere to
…Sri Lakshmi Kantha Spinners Ltd was admitted…
The Resolution Professional (RP) issued a…