The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The application was filed by the Resolution Professional, Mr. Ravi Prakash Ghanti. The CIRP was initiated based on a petition filed by the Financial Creditor, Indiabulls Commercial Credit Limited, under Section 7 of the IBC. Despite public announcements and invitations for Expression of Interest (EOI), no resolution plan was received, leading the Committee of Creditors (CoC) to unanimously decide to liquidate the Corporate Debtor.
On 18.11.2019, an application was submitted under Section 33 of the Insolvency & Bankruptcy Code, 2016 by Mr. Ravi Prakash Ghanti, the Resolution Professional of Akhilesh Developers Private Limited, seeking an order for liquidation. The Committee of Creditors (CoC) approved the liquidation on 12.11.2019. The initial petition under Section 7 of the IBC was filed by Indiabulls Commercial Credit Limited against Akhilesh Developers Private Limited and was admitted on 19.02.2019. Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made on 23.02.2019 to invite claims from creditors. Despite multiple attempts, no Expression of Interest (EOI) or resolution plan
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Mr. Ravi Prakash Ghanti, the Resolution…
The Committee of Creditors (CoC) approved the…
The case involves an application under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, for the liquidation of the Corporate Debtor, Akhilesh Developers Private Limited. The application was filed by the Resolution Professional, Mr. Ravi Prakash Ghanti. The CIRP was initiated based on a petition filed by the Financial Creditor, Indiabulls Commercial Credit Limited, under Section 7 of the IBC. Despite public announcements and invitations for Expression of Interest (EOI), no resolution plan was received, leading the Committee of Creditors (CoC) to unanimously decide to liquidate the Corporate Debtor.
On 18.11.2019, an application was submitted under Section 33 of the Insolvency & Bankruptcy Code, 2016 by Mr. Ravi Prakash Ghanti, the Resolution Professional of Akhilesh Developers Private Limited, seeking an order for liquidation. The Committee of Creditors (CoC) approved the liquidation on 12.11.2019. The initial petition under Section 7 of the IBC was filed by Indiabulls Commercial Credit Limited against Akhilesh Developers Private Limited and was admitted on 19.02.2019. Mr. Ravi Prakash Ghanti was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made on 23.02.2019 to invite claims from creditors. Despite multiple attempts, no Expression of Interest (EOI) or resolution plan
…Mr. Ravi Prakash Ghanti, the Resolution…
The Committee of Creditors (CoC) approved the…