The application was filed by the Resolution Professional of SPG Macrocosm Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the corporate debtor.
Mr. Manish D Shah, the Resolution Professional of SPG Macrocosm Limited, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation.
The Adjudicating Authority initially dismissed the petition filed under section 7 of the Code.
The NCLAT allowed the appeal, setting aside the order and directing admission of the petition.
The financial creditor had advanced an unsecured loan of Rs 70,00,000/- carrying interest at 15% per annum.
The date of default as stated by the financial creditor was 01.10.2021.
The committee of creditors (COC) was constituted on 12.09.2024.
The COC resolved to liquidate the corporate debtor and appointed the RP as liquidator.
…Sign in to view the parties.
Adjudicating authority…
The Hon'ble NCLAT allowed the appeal,…
The application was filed by the Resolution Professional of SPG Macrocosm Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of the corporate debtor.
Mr. Manish D Shah, the Resolution Professional of SPG Macrocosm Limited, filed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation.
The Adjudicating Authority initially dismissed the petition filed under section 7 of the Code.
The NCLAT allowed the appeal, setting aside the order and directing admission of the petition.
The financial creditor had advanced an unsecured loan of Rs 70,00,000/- carrying interest at 15% per annum.
The date of default as stated by the financial creditor was 01.10.2021.
The committee of creditors (COC) was constituted on 12.09.2024.
The COC resolved to liquidate the corporate debtor and appointed the RP as liquidator.
…Adjudicating authority…
The Hon'ble NCLAT allowed the appeal,…