Why is IVRCL going down?
Why is IVRCL going down?
The Hyderabad-based firm that owed more than Rs 14,000 crore to financial and other creditors failed to find resolution under the insolvency process. It was ordered to be liquidated in July this year. The State Bank of India had initiated insolvency proceedings against the company in February 2018.
What is the status of IVRCL?
IVRCL was pushed into liquidation after lenders rejected two separate resolution plans submitted by Shankar Sharma promoted First Global Finance Pvt Ltd and by Phoenix Asset Reconstruction Company in partnership with Devina Mehra, according to a liquidation order dated July 26, 2019.
What is the full form of IVRCL?
Iragavarapu Venkata Reddy Construction Limited (IVRCL), an India-based company engaged in the business of development and execution of Engineering, Procurement, Construction and Commissioning in various Infrastructure projects such as Water Supply, Roads and Bridges, Townships and Industrial Structures, Power …
Who take over IVRCL?
Hyderabad-based ailing infrastructure firm IVRCL has been sold to Gabs Megacorp for Rs 1,654.77 crore under the new Insolvency and Bankruptcy Code (IBC). With this, IVRCL became the first company which has been liquidated as going concern under IBC.
Who is the owner of IVRCL?
E Sudhir Reddy
PREMARKET
| Management | |
|---|---|
| E Sudhir Reddy | Chairman & Managing Director |
| L Raghu Rami Reddy | Chief Financial Officer |
| M Hima Bindu | Independent Director |
| P R Tripathi | Independent Director |
Who is the owner of Ivrcl?
What is going concern under IBC?
The Going Concern Sale means selling on “as is where is basis” that allows the Liquidator to sell the business of the company under Liquidation. A going concern is always a better resolution of the Corporate Debtor than permitting part sale.
Can a liquidator sell the company?
A liquidator’s power to sell property of the company under section 477(2)(c) of the Act enables a liquidator to sell a company’s causes of action, ie its rights to sue.
What is sale of going concern?
A sale of a business as a going concern involves the seller (the vendor) selling their business to the purchaser together with all of the things that are necessary for the purchaser to continue operating the business. The vendor must also keep running the business up until the day of sale (the settlement date).
Can I sue my liquidator?
It is possible under the legislation for a creditor to take such action against a liquidator or an administrator where s/he considers that they have made decisions on behalf of the company which have caused losses and for which is can be shown that such decisions caused them personal benefit or acted to misapply …
Do you pay GST on going concern?
Generally, a sale of a going concern is GST-free if all of the following apply: the sale is for payment. the purchaser is registered or required to be registered for GST. the purchaser and seller have agreed in writing that the sale is of a going concern.
