The case pertains to an Interlocutory Application (I.A (IBC) (Liq) No.03/2025) filed by the Resolution Professional (RP) of the Corporate Debtor, M/s Sri Pavana Keerthi Hotels India Pvt. Ltd., under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking orders for liquidation of the Corporate Debtor.
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.04.2022.
Mr. Gunturu Raghu Babu was initially appointed as the Interim Resolution Professional and subsequently continued as Resolution Professional.
An appeal was preferred before the Hon'ble NCLAT challenging the admission of the Corporate Debtor into CIRP, but it was dismissed.
A resolution plan submitted by Mr. Virigineni Anjaiah was approved by the Committee of Creditors (CoC).
The Successful Resolution Applicant (SRA) failed to submit the Performance Bank Guarantee (PBG) despite extensions.
The CoC resolved to forfeit the Earnest Money Deposit of Rs.50 lakh and cancel the Letter of Intent.
The CIRP period expired on 18.03.2025.
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The Corporate Debtor…
The Hon'ble NCLAT…
The case pertains to an Interlocutory Application (I.A (IBC) (Liq) No.03/2025) filed by the Resolution Professional (RP) of the Corporate Debtor, M/s Sri Pavana Keerthi Hotels India Pvt. Ltd., under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking orders for liquidation of the Corporate Debtor.
The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 11.04.2022.
Mr. Gunturu Raghu Babu was initially appointed as the Interim Resolution Professional and subsequently continued as Resolution Professional.
An appeal was preferred before the Hon'ble NCLAT challenging the admission of the Corporate Debtor into CIRP, but it was dismissed.
A resolution plan submitted by Mr. Virigineni Anjaiah was approved by the Committee of Creditors (CoC).
The Successful Resolution Applicant (SRA) failed to submit the Performance Bank Guarantee (PBG) despite extensions.
The CoC resolved to forfeit the Earnest Money Deposit of Rs.50 lakh and cancel the Letter of Intent.
The CIRP period expired on 18.03.2025.
…The Corporate Debtor…
The Hon'ble NCLAT…