The case pertains to an application filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mrs. Mummaneni Yazra Laxmi, the Resolution Professional (RP) of M/s. Sudha Siva Traders Private Limited, the Corporate Debtor (CD). The RP sought an order to liquidate the Corporate Debtor under Section 33 of IBC, 2016, and to appoint the Resolution Professional as the Liquidator of the CD. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-11-17. The Committee of Creditors (CoC) resolved to liquidate the CD due to the low liquidation value and the absence of any resolution plan.
M/s. Sudha Siva Traders Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-11-17. Mrs. Mummaneni Yazra Laxmi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising Sujana Universal Industries Limited and the Commercial Taxes Department. The CoC, in its 4th meeting, resolved to liquidate the Corporate Debtor due to the low liquidation value of Rs.15,097.50 and the absence of any resolution plan. The RP put the liquidation resolution for voting, and it was approved by Sujana Universal Industries Limited, holding 6.38% voting rights, while the Commercial Taxes Department, holding 93.62% voting rights, did not vote.
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Corporate Insolvency Resolution Process…
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The case pertains to an application filed under Section 33 of the Insolvency & Bankruptcy Code, 2016, by Mrs. Mummaneni Yazra Laxmi, the Resolution Professional (RP) of M/s. Sudha Siva Traders Private Limited, the Corporate Debtor (CD). The RP sought an order to liquidate the Corporate Debtor under Section 33 of IBC, 2016, and to appoint the Resolution Professional as the Liquidator of the CD. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-11-17. The Committee of Creditors (CoC) resolved to liquidate the CD due to the low liquidation value and the absence of any resolution plan.
M/s. Sudha Siva Traders Private Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 2023-11-17. Mrs. Mummaneni Yazra Laxmi was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, comprising Sujana Universal Industries Limited and the Commercial Taxes Department. The CoC, in its 4th meeting, resolved to liquidate the Corporate Debtor due to the low liquidation value of Rs.15,097.50 and the absence of any resolution plan. The RP put the liquidation resolution for voting, and it was approved by Sujana Universal Industries Limited, holding 6.38% voting rights, while the Commercial Taxes Department, holding 93.62% voting rights, did not vote.
…Corporate Insolvency Resolution Process…
Public announcement…