The case involves I.A.No.2/2020 filed in C.P.(IB)No.72/BB/2019 by the liquidator of M/s. Bunt Solar India Pvt. Ltd., seeking directions to the Financial Creditor, Karnataka Bank Limited, to realize the third-party guarantee and remit the CIRP/Liquidation Cost. The liquidator also sought directions to M/s. Bharat Co-op Bank (Mumbai) Ltd., to foreclose fixed deposits. The Corporate Debtor was initially admitted into CIRP based on a petition filed by M/s. Rashmika Info Technologies Pvt. Ltd. under Section 9 of IBC, and subsequently placed under liquidation. The liquidator made public announcements regarding the liquidation. The liquidation value was reported as Nil, and the amounts realized from banks were insufficient to cover the liquidation process cost.
M/s. Bunt Solar India Pvt. Ltd. was undergoing liquidation. The liquidator, Gorur Narasimhamurthy Venkataraman, filed an application (I.A.No.2/2020) seeking directions to Karnataka Bank Limited (Financial Creditor) to realize a third-party guarantee and remit funds for liquidation costs. The liquidator also sought to foreclose fixed deposits held with Bharat Co-op Bank (Mumbai) Ltd. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by M/s. Rashmika Info Technologies Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was placed under liquidation following an order in I.A No.408/2019. Public announcements were made regarding the liquidation. The liquidation value was reported as Nil. Karnataka Bank Limited
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The case involves I.A.No.2/2020 filed in C.P.(IB)No.72/BB/2019 by the liquidator of M/s. Bunt Solar India Pvt. Ltd., seeking directions to the Financial Creditor, Karnataka Bank Limited, to realize the third-party guarantee and remit the CIRP/Liquidation Cost. The liquidator also sought directions to M/s. Bharat Co-op Bank (Mumbai) Ltd., to foreclose fixed deposits. The Corporate Debtor was initially admitted into CIRP based on a petition filed by M/s. Rashmika Info Technologies Pvt. Ltd. under Section 9 of IBC, and subsequently placed under liquidation. The liquidator made public announcements regarding the liquidation. The liquidation value was reported as Nil, and the amounts realized from banks were insufficient to cover the liquidation process cost.
M/s. Bunt Solar India Pvt. Ltd. was undergoing liquidation. The liquidator, Gorur Narasimhamurthy Venkataraman, filed an application (I.A.No.2/2020) seeking directions to Karnataka Bank Limited (Financial Creditor) to realize a third-party guarantee and remit funds for liquidation costs. The liquidator also sought to foreclose fixed deposits held with Bharat Co-op Bank (Mumbai) Ltd. The initial Corporate Insolvency Resolution Process (CIRP) was initiated by M/s. Rashmika Info Technologies Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was placed under liquidation following an order in I.A No.408/2019. Public announcements were made regarding the liquidation. The liquidation value was reported as Nil. Karnataka Bank Limited
…The Adjudicating Authority admitted the Company…
The Corporate Debtor was placed under…