Invest Assets Securitization and Reconstruction Pvt Ltd Vs APF Estates Pvt Ltd (NCLT Hyderabad)
The National Company Law Tribunal (NCLT), Hyderabad, issued an order for the liquidation of the Corporate Debtor (CD), M/S APF ESTATES PRIVATE LIMITED, following the failure of the Corporate Insolvency Resolution Process (CIRP).
I. Initiation of CIRP and CoC Formation
The CD was admitted into CIRP on August 28, 2024. The Resolution Professional (RP) made a public announcement on September 2, 2024, inviting claims. Only one claim was received, which was from the Financial Creditor, M/s Invest Assets Securitization and Reconstruction Private Limited. Subsequently, the Committee of Creditors (CoC) was constituted. During the first CoC meeting on September 30, 2024, the RP informed members that the erstwhile Director had handed over some documents but provided no update on the CD’s accounts. In this meeting, the CoC, with 100% voting in favour, confirmed the appointment of the Applicant as the RP.
II. Resolution Plan Submission and Rejection
In accordance with a resolution from the second CoC meeting, Form-G was published on November 20, 2024, inviting Expressions of Interest (EoI) from Prospective Resolution Applicants (PRAs). EoIs were received from six applicants, but only five—Chill Construction LLP, Mr B Sudhakar, Consortium of Resurgent India Limited and Sanjay Lodha, Great Value Industries Private Limited, and Anand Shree Steels Private Limited—submitted the requisite Earnest Money Deposit (EMD).
