The case involves an application (IA(IBC)/1024(KB)2023) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Viswatma Merchandise Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Viswatma Merchandise Private Limited based on a petition filed by State Bank of India, the Financial Creditor, under section 7 of the IBC. Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the RP.
State Bank of India initiated CIRP against Viswatma Merchandise Private Limited under Section 7 of IBC. Arun Kumar Gupta was appointed as IRP and later RP. Public announcements were made to invite claims from creditors. A Committee of Creditors (CoC) was formed with State Bank of India as the sole petitioning Financial Creditor. Several meetings of the CoC were held. Prospective resolution applicants (PRAs) were invited, but no resolution plan was received. The RP appointed valuers and conducted a transaction audit, which did not reveal any avoidance transactions. The CoC decided to liquidate the Corporate Debtor with 100% voting share. The 180-day CIRP period expired without a resolution plan. The last audited accounts were filed for the year ended 31/03/2013. The
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The case involves an application (IA(IBC)/1024(KB)2023) filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Resolution Professional (RP) of Viswatma Merchandise Private Limited, the Corporate Debtor, seeking liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against Viswatma Merchandise Private Limited based on a petition filed by State Bank of India, the Financial Creditor, under section 7 of the IBC. Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the RP.
State Bank of India initiated CIRP against Viswatma Merchandise Private Limited under Section 7 of IBC. Arun Kumar Gupta was appointed as IRP and later RP. Public announcements were made to invite claims from creditors. A Committee of Creditors (CoC) was formed with State Bank of India as the sole petitioning Financial Creditor. Several meetings of the CoC were held. Prospective resolution applicants (PRAs) were invited, but no resolution plan was received. The RP appointed valuers and conducted a transaction audit, which did not reveal any avoidance transactions. The CoC decided to liquidate the Corporate Debtor with 100% voting share. The 180-day CIRP period expired without a resolution plan. The last audited accounts were filed for the year ended 31/03/2013. The
…The Adjudicating Authority ordered the…
Public announcements were published in…