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Southern Online Bio Technologies Ltd. - Corporate Insolvency Resolution Process (CIRP)-Liquidation - Corporate Insolvency Resolution Process (CIRP)

| Updated on July 23, 2019

As Per Section 33(1) (a) of the Code if the Resolution Plan is not received under Section 30(6) with in CIRP period, the Tribunal has no other option but to pass a liquidation order. The Resolution Professional has not filed any Resolution Plan before this Tribunal under Section 30(6) with in CIRP period and the Resolution Plan submitted by the Resolution Applicant was rejected by the COC with 69% voting share. By relying on Section 33(1)(a) of the Code, The Resolution professional having not submitted any Resolution Plan within CIRP period The Honorable NCLT Hyderabad Bench has passed an order to liquidate the company namely M/s Southern Online Bio Technologies Limited in the manner laid down in Chapter 3 of Part 2 of the Insolvency and Bankruptcy code, 2016.

Pdf Link: Southern Online Bio Technologies Ltd. - Corporate Insolvency Resolution Process (CIRP)-Liquidation - Corporate Insolvency Resolution Process (CIRP)

Source : BSE - www.bseindia.com

Published on July 23, 2019

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