The case involves an application for liquidation of SSB Retail India Private Limited under Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. The Committee of Creditors (CoC) was formed and later reconstituted. The Interim Resolution Professional (IRP) published Form-G to invite resolution plans, but no response was received. The primary financial creditor, Karnataka Bank, holding 55.87% of the voting share, recommended liquidation due to the difficulty in reviving the Corporate Applicant and the absence of assets.
SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after its application under Section 10 of the IBC was admitted on 2021-10-01. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was initially composed of Karnataka Bank Limited with 100% voting rights, later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, while Basanthlal Sah held 44.13%. Despite efforts to solicit resolution plans through Form-G, no viable proposals emerged. Karnataka Bank recommended liquidation due to the company's lack of assets and the difficulty in revival. In the 5th CoC meeting on 2022-02-25, only Karnataka Bank was present and voted for liquidation. Basanthlal
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Company Petition CP (IB) No. 291/10/HDB/2020…
Public announcement was…
The case involves an application for liquidation of SSB Retail India Private Limited under Section 33(1)(a) and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. The Committee of Creditors (CoC) was formed and later reconstituted. The Interim Resolution Professional (IRP) published Form-G to invite resolution plans, but no response was received. The primary financial creditor, Karnataka Bank, holding 55.87% of the voting share, recommended liquidation due to the difficulty in reviving the Corporate Applicant and the absence of assets.
SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after its application under Section 10 of the IBC was admitted on 2021-10-01. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was initially composed of Karnataka Bank Limited with 100% voting rights, later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, while Basanthlal Sah held 44.13%. Despite efforts to solicit resolution plans through Form-G, no viable proposals emerged. Karnataka Bank recommended liquidation due to the company's lack of assets and the difficulty in revival. In the 5th CoC meeting on 2022-02-25, only Karnataka Bank was present and voted for liquidation. Basanthlal
…Company Petition CP (IB) No. 291/10/HDB/2020…
Public announcement was…