The case involves an application (IA(IBC)/2232(CHE)/2023) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Sri Lakshmi Saraswathi Spintex Limited. The CIRP was initiated via an order dated 15.06.2023. The Committee of Creditors (CoC) ultimately resolved to liquidate the Corporate Debtor due to the absence of any viable resolution plan. The Resolution Professional (RP) filed an application seeking liquidation of the Corporate Debtor.
M/s. Sri Lakshmi Saraswathi Spintex Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.06.2023. Mr. CA. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional. The Corporate Debtor had no commercial operations for 3 years prior to the initiation of CIRP. An application under Section 19(2) of the code was filed against the Suspended Director. No Resolution Applicants responded to the EOI issued. The CoC decided not to extend the CIRP period and resolved to liquidate the Corporate Debtor with 100% voting on 03.11.2023. The RP collated claims from various stakeholders due to the absence of books of accounts. The Adjudicating Authority considered the decision taken by the CoC of the Corporate Debtor and ordered liquidation
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M/s. Sri Lakshmi Saraswathi Spintex Limited…
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The case involves an application (IA(IBC)/2232(CHE)/2023) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Sri Lakshmi Saraswathi Spintex Limited. The CIRP was initiated via an order dated 15.06.2023. The Committee of Creditors (CoC) ultimately resolved to liquidate the Corporate Debtor due to the absence of any viable resolution plan. The Resolution Professional (RP) filed an application seeking liquidation of the Corporate Debtor.
M/s. Sri Lakshmi Saraswathi Spintex Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 15.06.2023. Mr. CA. Mahalingam Suresh Kumar was appointed as the Interim Resolution Professional. The Corporate Debtor had no commercial operations for 3 years prior to the initiation of CIRP. An application under Section 19(2) of the code was filed against the Suspended Director. No Resolution Applicants responded to the EOI issued. The CoC decided not to extend the CIRP period and resolved to liquidate the Corporate Debtor with 100% voting on 03.11.2023. The RP collated claims from various stakeholders due to the absence of books of accounts. The Adjudicating Authority considered the decision taken by the CoC of the Corporate Debtor and ordered liquidation
…M/s. Sri Lakshmi Saraswathi Spintex Limited…
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