The case pertains to IA (IBC)/452/2024 filed in CP (IB) No.532/7/HDB/2019, seeking closure of the liquidation process of the Corporate Debtor (CD), Sri Lakshminarasimha Oil Mills Pvt Ltd, on account of successful sale as a going concern. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) on 13.11.2019. Since no viable resolution plan was received, the Tribunal ordered liquidation on 13.05.2021. The Liquidator made a public announcement on 08.06.2021, inviting claims from creditors and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers for valuation of CD's assets.
The Corporate Debtor, Sri Lakshminarasimha Oil Mills Pvt Ltd, was admitted into CIRP on 13.11.2019 due to a petition filed under Section 7 of IBC, 2016. Indian Overseas Bank is the Financial Creditor. Since no resolution plan was approved, liquidation was ordered on 13.05.2021. The Liquidator made a public announcement and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers who submitted their reports. Mrs. Chittimalla Revathi was declared the Successful Bidder in an E-Auction on 20.10.2021 for Rs. 1200 lakhs and paid the amount on 04.01.2024. The Liquidator distributed the amount as per Section 53 of the Code and handed over possession of the assets with a Sale Certificate dated 04.01.2024. The Financial Creditor released their
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Sri Lakshminarasimha Oil Mills Pvt Ltd…
Tribunal ordered…
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The case pertains to IA (IBC)/452/2024 filed in CP (IB) No.532/7/HDB/2019, seeking closure of the liquidation process of the Corporate Debtor (CD), Sri Lakshminarasimha Oil Mills Pvt Ltd, on account of successful sale as a going concern. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) on 13.11.2019. Since no viable resolution plan was received, the Tribunal ordered liquidation on 13.05.2021. The Liquidator made a public announcement on 08.06.2021, inviting claims from creditors and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers for valuation of CD's assets.
The Corporate Debtor, Sri Lakshminarasimha Oil Mills Pvt Ltd, was admitted into CIRP on 13.11.2019 due to a petition filed under Section 7 of IBC, 2016. Indian Overseas Bank is the Financial Creditor. Since no resolution plan was approved, liquidation was ordered on 13.05.2021. The Liquidator made a public announcement and constituted a Stakeholders Consultation Committee (SCC). The Liquidator appointed valuers who submitted their reports. Mrs. Chittimalla Revathi was declared the Successful Bidder in an E-Auction on 20.10.2021 for Rs. 1200 lakhs and paid the amount on 04.01.2024. The Liquidator distributed the amount as per Section 53 of the Code and handed over possession of the assets with a Sale Certificate dated 04.01.2024. The Financial Creditor released their
…Sri Lakshminarasimha Oil Mills Pvt Ltd…
Tribunal ordered…
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