The case involves an Interlocutory Application (IA 314/2023) filed by the Resolution Professional of the Corporate Debtor, seeking orders for liquidation under Sections 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition on 2022-06-10. The Resolution Professional was appointed as the Interim Resolution Professional. Public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) convened meetings and approved criteria for prospective resolution applicants. Despite inviting Expressions of Interest, the applicants failed to meet the mandatory requirements. Subsequently, the State Bank of India, holding a
…A Company Petition against Varsha Corporation Limited was admitted on 2022-06-10, initiating the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional, Vinodkumar Pukhraj Ambavat, was appointed as the Interim Resolution Professional. A public announcement was made on 2022-06-14, inviting claims from creditors with a deadline of 2022-06-25. The Committee of Creditors (CoC) convened its 3rd meeting on 2022-09-12, approving criteria for prospective resolution applicants. Form G was published on 2022-09-19, inviting Expressions of Interest, with a submission deadline of 2022-10-04. Two prospective resolution applicants, M/s Nakshatra Corporate Advisors Limited and the Suspended Board of Directors, Mr. Shantilal Jain, submitted Expressions of Interest.
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The captioned Company Petition was…
The order admitting the…
The case involves an Interlocutory Application (IA 314/2023) filed by the Resolution Professional of the Corporate Debtor, seeking orders for liquidation under Sections 33(1)(a), 33(2), and 34(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a Company Petition on 2022-06-10. The Resolution Professional was appointed as the Interim Resolution Professional. Public announcement was made to invite claims from creditors. The Committee of Creditors (CoC) convened meetings and approved criteria for prospective resolution applicants. Despite inviting Expressions of Interest, the applicants failed to meet the mandatory requirements. Subsequently, the State Bank of India, holding a
…A Company Petition against Varsha Corporation Limited was admitted on 2022-06-10, initiating the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional, Vinodkumar Pukhraj Ambavat, was appointed as the Interim Resolution Professional. A public announcement was made on 2022-06-14, inviting claims from creditors with a deadline of 2022-06-25. The Committee of Creditors (CoC) convened its 3rd meeting on 2022-09-12, approving criteria for prospective resolution applicants. Form G was published on 2022-09-19, inviting Expressions of Interest, with a submission deadline of 2022-10-04. Two prospective resolution applicants, M/s Nakshatra Corporate Advisors Limited and the Suspended Board of Directors, Mr. Shantilal Jain, submitted Expressions of Interest.
…The captioned Company Petition was…
The order admitting the…