State Bank of India Vs Shreem Corporation Limited (NCLT Mumbai)
The National Company Law Tribunal, Mumbai Bench, considered an application filed by the Resolution Professional of Shreem Corporation Limited seeking initiation of liquidation proceedings under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (IBC).
The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor had commenced through an order dated 22.09.2021, and the applicant was appointed as the Interim Resolution Professional. Public announcements inviting claims from creditors were published on 07.10.2021 in Financial Express and Navshakti newspapers.
During the CIRP, Axis Bank challenged the admission order before the NCLAT through Company Appeal No. 930 of 2021. However, the appeal was dismissed on 04.01.2022. The matter was subsequently taken to the Supreme Court through Civil Appeal No. 2085 of 2022, which was also dismissed on 12.09.2023.
The Resolution Professional later moved the Bombay High Court seeking discharge of the Sheriff and handover of control and custody of the Corporate Debtor’s property. By an order dated 06.09.2024, the Bombay High Court directed removal of attachment from the ground floor up to the 10th floor and ordered delivery of physical possession to the Resolution Professional within two weeks.
Subsequently, Form G inviting Expressions of Interest (EOI) was issued on 02.09.2024. Out of eight prospective resolution applicants, three submitted resolution plans.
