The case pertains to a Company Petition (IB) No. 49/BB/2017 filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against BJN Hotels Limited (Corporate Debtor). The Adjudicating Authority admitted the case on September 25, 2017, initiating CIRP and appointing Shri Vikram Bajaj as Interim Resolution Professional, who was later confirmed as Resolution Professional. The Committee of Creditors (CoC) decided to invite Expression of Interest for a resolution plan, with the last date fixed as January 15, 2018, later extended to January 23, 2018. Several resolution applicants submitted plans, including Cigam Ventures Private Limited, Hotel Polo
…Edelweiss Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against BJN Hotels Limited. The petition was admitted on September 25, 2017. BJN Hotels Limited has two businesses: hotel operations ('Museum Inn' Hotel, closed since October 2016) and restaurant business (37 restaurants at its peak). Edelweiss Asset Reconstruction Company Limited (EARCL) took possession of the 'Museum Inn' Hotel under the SARFAESI Act. As of the commencement of insolvency, only one restaurant, 'Samarkhand', was operational, employing 47 people. The Committee of Creditors approved a Resolution Plan under Section 30(4) of the IBC, seeking to revive the hotel and restaurant businesses. The Resolution Plan submitted
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The case was admitted by the Adjudicating…
Shri Vikram Bajaj was confirmed as Resolution…
The case pertains to a Company Petition (IB) No. 49/BB/2017 filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against BJN Hotels Limited (Corporate Debtor). The Adjudicating Authority admitted the case on September 25, 2017, initiating CIRP and appointing Shri Vikram Bajaj as Interim Resolution Professional, who was later confirmed as Resolution Professional. The Committee of Creditors (CoC) decided to invite Expression of Interest for a resolution plan, with the last date fixed as January 15, 2018, later extended to January 23, 2018. Several resolution applicants submitted plans, including Cigam Ventures Private Limited, Hotel Polo
…Edelweiss Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against BJN Hotels Limited. The petition was admitted on September 25, 2017. BJN Hotels Limited has two businesses: hotel operations ('Museum Inn' Hotel, closed since October 2016) and restaurant business (37 restaurants at its peak). Edelweiss Asset Reconstruction Company Limited (EARCL) took possession of the 'Museum Inn' Hotel under the SARFAESI Act. As of the commencement of insolvency, only one restaurant, 'Samarkhand', was operational, employing 47 people. The Committee of Creditors approved a Resolution Plan under Section 30(4) of the IBC, seeking to revive the hotel and restaurant businesses. The Resolution Plan submitted
…The case was admitted by the Adjudicating…
Shri Vikram Bajaj was confirmed as Resolution…