The application was filed under Section 33(1)(a) & 34(1) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11, 13 & 32 of NCLT Rules, 2016, by the Resolution Professional seeking an order of liquidation for the Corporate Applicant, SSB Retail India Private Limited. The Company Petition CP (IB) No. 291/10/HDB/2020 filed under Section 10 of IBC by the Corporate Applicant was admitted on 01.10.2021. The Applicant was appointed as Interim Resolution Professional, and a public announcement was made on 06.10.2021, inviting claims from creditors by 15.10.2021. The Committee of Creditors (CoC) was reconstituted, and in the 5th CoC meeting held on 25.02.2021, Karnataka Bank, holding 55.87% voting share, opined that resolution was difficult and recommended liquidation.
SSB Retail India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 01.10.2021. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was initially comprised of Karnataka Bank Limited with 100% voting rights and was later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, and Basanthlal Sah's was 44.13%. The Interim Resolution Professional (IRP) published Form-G for placing a resolution plan, but it did not evoke any response. Karnataka Bank opined that the revival of the Corporate Applicant was difficult
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Company Petition filed…
The Company Petition CP (IB) No.…
The application was filed under Section 33(1)(a) & 34(1) of the Insolvency & Bankruptcy Code, 2016, read with Rule 11, 13 & 32 of NCLT Rules, 2016, by the Resolution Professional seeking an order of liquidation for the Corporate Applicant, SSB Retail India Private Limited. The Company Petition CP (IB) No. 291/10/HDB/2020 filed under Section 10 of IBC by the Corporate Applicant was admitted on 01.10.2021. The Applicant was appointed as Interim Resolution Professional, and a public announcement was made on 06.10.2021, inviting claims from creditors by 15.10.2021. The Committee of Creditors (CoC) was reconstituted, and in the 5th CoC meeting held on 25.02.2021, Karnataka Bank, holding 55.87% voting share, opined that resolution was difficult and recommended liquidation.
SSB Retail India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 01.10.2021. Pavan Kankani was appointed as the Interim Resolution Professional (IRP). A public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) was initially comprised of Karnataka Bank Limited with 100% voting rights and was later reconstituted to include Basanthlal Sah. Karnataka Bank's voting share became 55.87%, and Basanthlal Sah's was 44.13%. The Interim Resolution Professional (IRP) published Form-G for placing a resolution plan, but it did not evoke any response. Karnataka Bank opined that the revival of the Corporate Applicant was difficult
…Company Petition filed…
The Company Petition CP (IB) No.…