The case involves an application for liquidation of SSB Retail India Private Limited under Section 33(1)(a) and 34(1) of the Insolvency & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed and later reconstituted. Despite efforts to find a resolution plan, the secured financial creditor, Karnataka Bank, holding a majority voting share, opined that resolution was difficult and recommended liquidation. The other financial creditor, Basanthlal Sah, neither attended the CoC meeting nor cast a vote.
SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 10 of the IBC was admitted on 2021-10-01. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was initially comprised 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's was 44.13%. The IRP published Form-G to invite resolution plans, but no response was received. Karnataka Bank opined that revival was difficult due to the Corporate Debtor's lack of assets and suggested liquidation in the 5th CoC meeting held on 2022-02-25. Basanthlal Sah did not attend the 5th CoC meeting. Karnataka Bank, the sole
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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 & Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition under Section 10 of the IBC. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was formed and later reconstituted. Despite efforts to find a resolution plan, the secured financial creditor, Karnataka Bank, holding a majority voting share, opined that resolution was difficult and recommended liquidation. The other financial creditor, Basanthlal Sah, neither attended the CoC meeting nor cast a vote.
SSB Retail India Private Limited underwent Corporate Insolvency Resolution Process (CIRP) after a petition under Section 10 of the IBC was admitted on 2021-10-01. An Interim Resolution Professional (IRP) was appointed. The Committee of Creditors (CoC) was initially comprised 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's was 44.13%. The IRP published Form-G to invite resolution plans, but no response was received. Karnataka Bank opined that revival was difficult due to the Corporate Debtor's lack of assets and suggested liquidation in the 5th CoC meeting held on 2022-02-25. Basanthlal Sah did not attend the 5th CoC meeting. Karnataka Bank, the sole
…Company Petition CP (IB) No. 291/10/HDB/2020…
Public announcement was…