The case involves an application (I.A. No. 65 of 2021) filed in a corporate insolvency resolution process (CIRP) initiated against M/s. Bhuvana Infra Projects Pvt. Ltd. The CIRP was initiated by M/s. New Age Real Properties LLP under Section 7 of the IBC, 2016. After the initial IRP was replaced, the RP could not achieve any resolution plans, leading to an application for liquidation. Mr. Vijay Pitamber Lulla was appointed as the Liquidator. The Liquidator sought an exclusion of time lost due to the COVID-19 lockdown from the liquidation period and an extension of the liquidation period.
M/s. New Age Real Properties LLP initiated CIRP against M/s. Bhuvana Infra Projects Pvt. Ltd. under Section 7 of the IBC, 2016. The CIRP was admitted on 2018-01-17. Mr. Pavan Kankani was initially appointed as IRP, later replaced by Smt. Ramanathan Bhuvaneshwari. No resolution plan was received, leading to a liquidation application. Mr. Vijay Pitamber Lulla was appointed as Liquidator on 2019-12-10. The Liquidator issued a public announcement on 2019-12-21. Bank of Maharashtra is the sole financial creditor. The Liquidator faced difficulties in locating and valuing assets and recovering dues from debtors. The Bank of Maharashtra initially intended to enforce security interest under SARFAESI Act but later confirmed no hypothecation on Plant & Machinery. The
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Company Petition bearing C.P.(IB)…
The Adjudicating Authority admitted the…
The case involves an application (I.A. No. 65 of 2021) filed in a corporate insolvency resolution process (CIRP) initiated against M/s. Bhuvana Infra Projects Pvt. Ltd. The CIRP was initiated by M/s. New Age Real Properties LLP under Section 7 of the IBC, 2016. After the initial IRP was replaced, the RP could not achieve any resolution plans, leading to an application for liquidation. Mr. Vijay Pitamber Lulla was appointed as the Liquidator. The Liquidator sought an exclusion of time lost due to the COVID-19 lockdown from the liquidation period and an extension of the liquidation period.
M/s. New Age Real Properties LLP initiated CIRP against M/s. Bhuvana Infra Projects Pvt. Ltd. under Section 7 of the IBC, 2016. The CIRP was admitted on 2018-01-17. Mr. Pavan Kankani was initially appointed as IRP, later replaced by Smt. Ramanathan Bhuvaneshwari. No resolution plan was received, leading to a liquidation application. Mr. Vijay Pitamber Lulla was appointed as Liquidator on 2019-12-10. The Liquidator issued a public announcement on 2019-12-21. Bank of Maharashtra is the sole financial creditor. The Liquidator faced difficulties in locating and valuing assets and recovering dues from debtors. The Bank of Maharashtra initially intended to enforce security interest under SARFAESI Act but later confirmed no hypothecation on Plant & Machinery. The
…Company Petition bearing C.P.(IB)…
The Adjudicating Authority admitted the…