Mr. Sanjeev Mitla (Applicant) filed an application (IA (IBC) No. 154 of 2024) before the National Company Law Tribunal, Hyderabad Bench, challenging the actions of Mr. Madhusudan Rao Gonugunta, Liquidator for M/s Suryajyoti Spinning Mills Limited (Corporate Debtor). The Applicant contended that the Liquidator arbitrarily rejected his proposal for a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013, and improperly proceeded with the auction of the Corporate Debtor's assets. The Corporate Debtor was admitted into liquidation on 18.04.2023, and the Liquidator assumed charge on 30.06.2023 after replacing the previous liquidator. The Applicant had submitted a scheme proposing Rs 150 Crores to revive the CD, including an upfront payment of Rs 75
…Mr. Sanjeev Mitla (Applicant) filed an application against Mr. Madhusudan Rao Gonugunta, Liquidator for M/s Suryajyoti Spinning Mills Limited.
The application challenges the Liquidator's rejection of a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013.
The application also challenges the Liquidator's decision to proceed with the auction of the Corporate Debtor's assets.
M/s Suryajyoti Spinning Mills Limited (Corporate Debtor) was admitted into liquidation on 18.04.2023.
Mr. Madhusudan Rao Gonugunta replaced Mr. K V Srinivas as Liquidator on 30.06.2023.
The Applicant submitted a Scheme Proposal of Rs 150 Crores, including Rs 75 Crores as upfront payment, for the revival of the Corporate Debtor.
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M/s Suryajyoti Spinning…
Mr. Madhusudhan Rao…
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Mr. Sanjeev Mitla (Applicant) filed an application (IA (IBC) No. 154 of 2024) before the National Company Law Tribunal, Hyderabad Bench, challenging the actions of Mr. Madhusudan Rao Gonugunta, Liquidator for M/s Suryajyoti Spinning Mills Limited (Corporate Debtor). The Applicant contended that the Liquidator arbitrarily rejected his proposal for a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013, and improperly proceeded with the auction of the Corporate Debtor's assets. The Corporate Debtor was admitted into liquidation on 18.04.2023, and the Liquidator assumed charge on 30.06.2023 after replacing the previous liquidator. The Applicant had submitted a scheme proposing Rs 150 Crores to revive the CD, including an upfront payment of Rs 75
…Mr. Sanjeev Mitla (Applicant) filed an application against Mr. Madhusudan Rao Gonugunta, Liquidator for M/s Suryajyoti Spinning Mills Limited.
The application challenges the Liquidator's rejection of a Scheme of Compromise/Arrangement under Section 230 of the Companies Act, 2013.
The application also challenges the Liquidator's decision to proceed with the auction of the Corporate Debtor's assets.
M/s Suryajyoti Spinning Mills Limited (Corporate Debtor) was admitted into liquidation on 18.04.2023.
Mr. Madhusudan Rao Gonugunta replaced Mr. K V Srinivas as Liquidator on 30.06.2023.
The Applicant submitted a Scheme Proposal of Rs 150 Crores, including Rs 75 Crores as upfront payment, for the revival of the Corporate Debtor.
…M/s Suryajyoti Spinning…
Mr. Madhusudhan Rao…
Sign in to view related legal provisions.