The application was filed by Mr. Kare Ramakrishna, Manager, Administration at Suryajyothi Spinning Mills Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the NCLT to keep the Corporate Debtor as a going concern and to pay salaries for February, March, April, and May 2023 to employees. The applicant also requested directions to the Liquidator and Stake Holders Consultation Committee to restore power supply to the Corporate Debtor. The Corporate Debtor, established in 1983, was placed under liquidation following the admission of I.A. No. 96 of 2021 on April 18, 2023. The applicant argued that the Burgul plant remained self-sufficient despite financial challenges and that the Liquidator had not taken measures to instill
…Mr. Kare Ramakrishna, working as Manager, Administration at Suryajyothi Spinning Mills Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought directions to keep the Corporate Debtor, Suryajyothi Spinning Mills Limited, as a going concern and to pay employee salaries for February, March, April, and May 2023. The Corporate Debtor was admitted into liquidation on April 18, 2023, following the admission of I.A. No. 96 of 2021. The applicant argued that the Burgul plant of the Corporate Debtor remained self-sufficient and that the Liquidator had not taken adequate measures to instill confidence among employees. TSSPDCL disconnected the power supply to the Corporate Debtor, leading the former promoters to expend
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Suryajyothi Spinning…
I.A. No. 96 of 2021…
The application was filed by Mr. Kare Ramakrishna, Manager, Administration at Suryajyothi Spinning Mills Limited, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the NCLT to keep the Corporate Debtor as a going concern and to pay salaries for February, March, April, and May 2023 to employees. The applicant also requested directions to the Liquidator and Stake Holders Consultation Committee to restore power supply to the Corporate Debtor. The Corporate Debtor, established in 1983, was placed under liquidation following the admission of I.A. No. 96 of 2021 on April 18, 2023. The applicant argued that the Burgul plant remained self-sufficient despite financial challenges and that the Liquidator had not taken measures to instill
…Mr. Kare Ramakrishna, working as Manager, Administration at Suryajyothi Spinning Mills Limited, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The application sought directions to keep the Corporate Debtor, Suryajyothi Spinning Mills Limited, as a going concern and to pay employee salaries for February, March, April, and May 2023. The Corporate Debtor was admitted into liquidation on April 18, 2023, following the admission of I.A. No. 96 of 2021. The applicant argued that the Burgul plant of the Corporate Debtor remained self-sufficient and that the Liquidator had not taken adequate measures to instill confidence among employees. TSSPDCL disconnected the power supply to the Corporate Debtor, leading the former promoters to expend
…Suryajyothi Spinning…
I.A. No. 96 of 2021…