The Resolution Professional (RP) filed an Interlocutory Application seeking initiation of liquidation for Baadl Technologies Pvt. Ltd. The Committee of Creditors (CoC) recommended liquidation with a majority vote share during their 7th meeting on 06.12.2018 and authorized the RP to approach the Tribunal for approval. The initial Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Sony Music Entertainment India Pvt. Ltd., an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an operational debt of ₹43,65,000. The CIRP was admitted on 10.04.2018, and Mrs. Dipti Mehta was appointed as the Interim Resolution Professional (IRP). Public announcements were made, inviting claims from creditors, but only
…Sony Music Entertainment India Pvt. Ltd. initiated CIRP against Baadl Technologies Pvt. Ltd. for an operational debt of ₹43,65,000. The CIRP was admitted on 10.04.2018, and Dipti Mehta was appointed as the IRP, later becoming the RP. Public announcements were made to invite claims from creditors, resulting in only one claim from Sony Music. The CoC was formed, and several meetings were held to discuss the company's financial status and potential resolution. Two valuers were appointed to determine the liquidation value of the assets. The CoC noted that no resolution plan was received, and the company was not operational. Consequently, the CoC decided to liquidate the company and authorized the RP to approach the NCLT for approval. The NCLT approved the liquidation,
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CIRP initiated against…
Mrs. Dipti Mehta…
The Resolution Professional (RP) filed an Interlocutory Application seeking initiation of liquidation for Baadl Technologies Pvt. Ltd. The Committee of Creditors (CoC) recommended liquidation with a majority vote share during their 7th meeting on 06.12.2018 and authorized the RP to approach the Tribunal for approval. The initial Corporate Insolvency Resolution Process (CIRP) was initiated based on a petition filed by Sony Music Entertainment India Pvt. Ltd., an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an operational debt of ₹43,65,000. The CIRP was admitted on 10.04.2018, and Mrs. Dipti Mehta was appointed as the Interim Resolution Professional (IRP). Public announcements were made, inviting claims from creditors, but only
…Sony Music Entertainment India Pvt. Ltd. initiated CIRP against Baadl Technologies Pvt. Ltd. for an operational debt of ₹43,65,000. The CIRP was admitted on 10.04.2018, and Dipti Mehta was appointed as the IRP, later becoming the RP. Public announcements were made to invite claims from creditors, resulting in only one claim from Sony Music. The CoC was formed, and several meetings were held to discuss the company's financial status and potential resolution. Two valuers were appointed to determine the liquidation value of the assets. The CoC noted that no resolution plan was received, and the company was not operational. Consequently, the CoC decided to liquidate the company and authorized the RP to approach the NCLT for approval. The NCLT approved the liquidation,
…CIRP initiated against…
Mrs. Dipti Mehta…