The case involves a company petition filed by M/s. Fuso Glass India Pvt Ltd under Section 9 of the IBC, 2016, against M/s. Chaitra Glaze Pvt Ltd. The Adjudicating Authority admitted the petition on November 27, 2019, initiating CIRP and appointing Mr. Ramanahalli.S.Doddabyregowda as the IRP. Subsequently, on February 19, 2020, Mr. Ramanahalli Shivanna Doddabyregowda was confirmed as the RP. Due to the company's negative net worth, obsolete technology, and liquidity crisis, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor. I.A.No.149 of 2020 sought liquidation under Section 33(2) of the I&B Code, while I.A. No. 150 of 2020 sought the appointment of a liquidator under Section 34 of the I&B Code.
M/s. Fuso Glass India Pvt Ltd filed a company petition (C.P. (IB)No.190/BB/2019) against M/s. Chaitra Glaze Pvt Ltd under Section 9 of the IBC, 2016. The petition was admitted on November 27, 2019, initiating CIRP. Mr. Ramanahalli.S.Doddabyregowda was appointed as the IRP and later confirmed as the RP. The Corporate Debtor, M/s. Chaitra Glaze Pvt Ltd, had a negative net worth and faced a liquidity crisis. The company's main income was from fabrication and glazing work, but construction activity in Bangalore was slowing down. The company's fabrication facilities were conventional and obsolete. The COC held a meeting on March 7, 2020, where the RP informed the members that the company was no longer a going concern. The COC decided to liquidate the Corporate Debtor, as a
…Sign in to view the parties.
Adjudicating Authority admitted the company…
Mr. Ramanahalli…
The case involves a company petition filed by M/s. Fuso Glass India Pvt Ltd under Section 9 of the IBC, 2016, against M/s. Chaitra Glaze Pvt Ltd. The Adjudicating Authority admitted the petition on November 27, 2019, initiating CIRP and appointing Mr. Ramanahalli.S.Doddabyregowda as the IRP. Subsequently, on February 19, 2020, Mr. Ramanahalli Shivanna Doddabyregowda was confirmed as the RP. Due to the company's negative net worth, obsolete technology, and liquidity crisis, the Committee of Creditors (COC) decided to liquidate the Corporate Debtor. I.A.No.149 of 2020 sought liquidation under Section 33(2) of the I&B Code, while I.A. No. 150 of 2020 sought the appointment of a liquidator under Section 34 of the I&B Code.
M/s. Fuso Glass India Pvt Ltd filed a company petition (C.P. (IB)No.190/BB/2019) against M/s. Chaitra Glaze Pvt Ltd under Section 9 of the IBC, 2016. The petition was admitted on November 27, 2019, initiating CIRP. Mr. Ramanahalli.S.Doddabyregowda was appointed as the IRP and later confirmed as the RP. The Corporate Debtor, M/s. Chaitra Glaze Pvt Ltd, had a negative net worth and faced a liquidity crisis. The company's main income was from fabrication and glazing work, but construction activity in Bangalore was slowing down. The company's fabrication facilities were conventional and obsolete. The COC held a meeting on March 7, 2020, where the RP informed the members that the company was no longer a going concern. The COC decided to liquidate the Corporate Debtor, as a
…Adjudicating Authority admitted the company…
Mr. Ramanahalli…