The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of E.C. Bose & Company Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25 October 2019, following a petition by Sugesan Transport Private Limited, the Financial Creditor.
CIRP was initiated against E.C. Bose & Company Private Limited on 25 October 2019.
Sugesan Transport Private Limited filed the petition as a Financial Creditor.
Swarbanabi Ramasami was initially appointed as the Interim Resolution Professional (IRP).
Geetha Sridhar replaced Swarbanabi Ramasami as the new Interim Resolution Professional.
Tantia Construction Limited submitted a Resolution Plan but failed to furnish a bid bond guarantee of rupees 1.5 crores.
The CoC emphasized the inability to deviate from the condition of the full bid bond guarantee.
The Resolution Professional filed an application for an extension of 30 days to complete the CIRP.
The 21st CoC meeting did not result in approval for liquidation.
The statutory timeline of 330 days has lapsed.
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The adjudicating authority directed the…
The Applicant Published…
The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of E.C. Bose & Company Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 25 October 2019, following a petition by Sugesan Transport Private Limited, the Financial Creditor.
CIRP was initiated against E.C. Bose & Company Private Limited on 25 October 2019.
Sugesan Transport Private Limited filed the petition as a Financial Creditor.
Swarbanabi Ramasami was initially appointed as the Interim Resolution Professional (IRP).
Geetha Sridhar replaced Swarbanabi Ramasami as the new Interim Resolution Professional.
Tantia Construction Limited submitted a Resolution Plan but failed to furnish a bid bond guarantee of rupees 1.5 crores.
The CoC emphasized the inability to deviate from the condition of the full bid bond guarantee.
The Resolution Professional filed an application for an extension of 30 days to complete the CIRP.
The 21st CoC meeting did not result in approval for liquidation.
The statutory timeline of 330 days has lapsed.
The adjudicating authority directed the…
The Applicant Published…