The Samanta Roy Institute of Science and Technology has appealed a U.S. Bankruptcy Court Judge's decision to dismiss their bankruptcy protection.
SIST and its subsidiaries reorganized in Delaware last spring, before filing for Chapter 11 bankruptcy protection there on March 16th.
According to Federal Court records, SIST and its subsidiaries have nearly $22 million in liabilities, including nearly $14 million in unsecured debt. Many of SIST’s creditors motioned to lift the automatic stay so they could move forward with foreclosure proceedings.
On September 22nd, a Bankruptcy Judge in the United States Bankruptcy Court for Delaware decided to dismiss the case, saying SIST had not made sufficient actions to market their assets. SIST’s failure to file any tax returns since 2004, their continued loss of finances, and “the Debtors inattention to actions it should or could be taking to market its assets”, “gross mismanagement” of funds, and “lack of candor” and are among the reasons listed to warrant dismissal.
According to Federal Court Records, SIST filed Friday to appeal the Judge’s decision. The court filing is linked to above.
According to Federal Court records, SIST and its subsidiaries have nearly $22 million in liabilities, including nearly $14 million in unsecured debt. Many of SIST’s creditors motioned to lift the automatic stay so they could move forward with foreclosure proceedings.
Court records also show SIST has substituted Robert K. Beste, Jr as their lawyer, replacing Eric J. Monzo.
