The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Blue Frog Media Private Limited. The corporate debtor, engaged in the business of live music performance venues, faced financial distress due to growing competition, increased overheads, and unpaid amounts from franchisees. The company was unable to honor its commitment for repayment of unsecured loans and interest, leading to the decision to initiate CIRP.
Blue Frog Media Private Limited, incorporated on July 20, 2006, was engaged in the business of live music performance venues. The company borrowed funds through unsecured loans from various parties, including its directors and members. Due to growing competition, increased overheads, and unpaid amounts from franchisees, the company's business suffered, and it was unable to repay its debts. As of March 31, 2018, the company owed ₹. 5,09,72,605/- to unsecured financial creditors and ₹. 1,84,82,176/- to operational creditors, totaling ₹. 6,94,54,781/-. The shareholders passed a special resolution on August 7, 2018, to file an application for CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Board of Directors authorized Mr. Sumer Ramesh Vaswani,
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Blue Frog Media…
Shareholders passed a Special Resolution for…
The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Blue Frog Media Private Limited. The corporate debtor, engaged in the business of live music performance venues, faced financial distress due to growing competition, increased overheads, and unpaid amounts from franchisees. The company was unable to honor its commitment for repayment of unsecured loans and interest, leading to the decision to initiate CIRP.
Blue Frog Media Private Limited, incorporated on July 20, 2006, was engaged in the business of live music performance venues. The company borrowed funds through unsecured loans from various parties, including its directors and members. Due to growing competition, increased overheads, and unpaid amounts from franchisees, the company's business suffered, and it was unable to repay its debts. As of March 31, 2018, the company owed ₹. 5,09,72,605/- to unsecured financial creditors and ₹. 1,84,82,176/- to operational creditors, totaling ₹. 6,94,54,781/-. The shareholders passed a special resolution on August 7, 2018, to file an application for CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Board of Directors authorized Mr. Sumer Ramesh Vaswani,
…Blue Frog Media…
Shareholders passed a Special Resolution for…