The case pertains to IA(IBC)/1262/CHE/2024 filed in IBA/216/2019, concerning the insolvency resolution of M/s. Sri Venkat Ram Spinners Private Limited. The CIRP was initiated based on an application by State Bank of India under Section 7 of IBC, 2016. Mr. Mahalingam Suresh Kumar was appointed as the IRP and later confirmed as the RP. A resolution plan was initially approved but later contravened, leading to a decision to liquidate the Corporate Debtor. The liquidator then initiated e-auction processes to sell the Corporate Debtor as a going concern.
The Corporate Debtor, Sri Venkat Ram Spinners Private Limited, underwent CIRP initiated by State Bank of India under Section 7 of IBC, 2016. Mahalingam Suresh Kumar was appointed as IRP and later RP. The resolution plan failed, leading to liquidation. The liquidator conducted multiple e-auctions to sell the Corporate Debtor as a going concern. Several e-auction attempts failed due to lack of bidders or non-deposit of EMD. The Stakeholder Consultation Committee (SCC) met multiple times to decide on the auction process and reserve prices. Eventually, in the 7th e-auction, a successful bidder, M/s. H.R Commercial Private Limited, was identified for Lot-1 (sale of the Corporate Debtor as a going concern). The liquidator sought confirmation of the sale and immunity for the
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CIRP initiated against Sri Venkat Ram Spinners…
IRP issued…
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The case pertains to IA(IBC)/1262/CHE/2024 filed in IBA/216/2019, concerning the insolvency resolution of M/s. Sri Venkat Ram Spinners Private Limited. The CIRP was initiated based on an application by State Bank of India under Section 7 of IBC, 2016. Mr. Mahalingam Suresh Kumar was appointed as the IRP and later confirmed as the RP. A resolution plan was initially approved but later contravened, leading to a decision to liquidate the Corporate Debtor. The liquidator then initiated e-auction processes to sell the Corporate Debtor as a going concern.
The Corporate Debtor, Sri Venkat Ram Spinners Private Limited, underwent CIRP initiated by State Bank of India under Section 7 of IBC, 2016. Mahalingam Suresh Kumar was appointed as IRP and later RP. The resolution plan failed, leading to liquidation. The liquidator conducted multiple e-auctions to sell the Corporate Debtor as a going concern. Several e-auction attempts failed due to lack of bidders or non-deposit of EMD. The Stakeholder Consultation Committee (SCC) met multiple times to decide on the auction process and reserve prices. Eventually, in the 7th e-auction, a successful bidder, M/s. H.R Commercial Private Limited, was identified for Lot-1 (sale of the Corporate Debtor as a going concern). The liquidator sought confirmation of the sale and immunity for the
…CIRP initiated against Sri Venkat Ram Spinners…
IRP issued…
Sign in to view related legal provisions.