The case involves C.P.(IB)No.181/BB/2018 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Section 230(6) of the Companies Act, 2013, and Rule 2B of the IBBI (Liquidation Process) Regulations, 2016. The initial petition was filed by Karnataka State Financial Corporation seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Innovative Studios Private Limited. After failing to obtain a suitable resolution plan during CIRP, the Committee of Creditors (COC) decided to initiate liquidation proceedings. The Adjudicating Authority ordered the liquidation of the Corporate Debtor and appointed a Liquidator. Subsequently, a scheme of compromise was proposed by Suresh Productions Entertainment LLP, which was accepted by the
…Karnataka State Financial Corporation filed C.P.(IB)No.181/BB/2018 under Section 7 of IBC, 2016, seeking CIRP initiation against Innovative Studios Private Limited. The Adjudicating Authority admitted the petition on 2019-04-11, appointing an IRP and imposing a moratorium. Due to the failure of CIRP, the COC decided to initiate liquidation proceedings, leading to I.A. No. 678 of 2019. The Adjudicating Authority ordered liquidation on 2020-01-06, appointing a Liquidator. The Liquidator made public announcements and intimated the liquidation to ROC and IBBI. A compromise proposal was received from Suresh Productions Entertainment LLP, which was accepted by stakeholders. The Liquidator received an offer from ANA Capital Advisors LLP, deemed low by the Stakeholders
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C.P.(IB)No.181/BB/2018 is filed by M/s.…
The Adjudicating Authority admitted the…
The case involves C.P.(IB)No.181/BB/2018 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Section 230(6) of the Companies Act, 2013, and Rule 2B of the IBBI (Liquidation Process) Regulations, 2016. The initial petition was filed by Karnataka State Financial Corporation seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Innovative Studios Private Limited. After failing to obtain a suitable resolution plan during CIRP, the Committee of Creditors (COC) decided to initiate liquidation proceedings. The Adjudicating Authority ordered the liquidation of the Corporate Debtor and appointed a Liquidator. Subsequently, a scheme of compromise was proposed by Suresh Productions Entertainment LLP, which was accepted by the
…Karnataka State Financial Corporation filed C.P.(IB)No.181/BB/2018 under Section 7 of IBC, 2016, seeking CIRP initiation against Innovative Studios Private Limited. The Adjudicating Authority admitted the petition on 2019-04-11, appointing an IRP and imposing a moratorium. Due to the failure of CIRP, the COC decided to initiate liquidation proceedings, leading to I.A. No. 678 of 2019. The Adjudicating Authority ordered liquidation on 2020-01-06, appointing a Liquidator. The Liquidator made public announcements and intimated the liquidation to ROC and IBBI. A compromise proposal was received from Suresh Productions Entertainment LLP, which was accepted by stakeholders. The Liquidator received an offer from ANA Capital Advisors LLP, deemed low by the Stakeholders
…C.P.(IB)No.181/BB/2018 is filed by M/s.…
The Adjudicating Authority admitted the…