IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Kanakadhara Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-11-22, and Shri B Naga Bhushan was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and was later appointed as the Resolution Professional (RP). The RP published Form G to invite Expression of Interest (EOI) for resolution plans. Despite multiple attempts and extensions, no viable resolution plan was received. The CoC decided to pursue liquidation.
IDBI Bank initiated CIRP against Kanakadhara Ventures Private Limited under Section 7 of IBC. The application was admitted on 2019-11-22, and Shri B Naga Bhushan was appointed as IRP. The IRP constituted CoC and was later appointed as RP. Form G was published to invite EOI for resolution plans. The last date for receipt of EOI was extended multiple times. Meizo Healthcare Private Limited (MHPL) submitted EOI. The CoC approved the Evaluation Matrix. The last date for submission of Resolution Plan was extended till 2020-04-21. MHPL submitted the Resolution Plan on 2020-09-17. The CoC members viewed the conditions of PRA on the release of personal guarantees and collaterals as unreasonable. The applicant published revised Form G. M/s Safebharat Enterprises Private Limited
…Sign in to view the parties.
The IDBI Bank limited, the Financial Creditor…
The application filed by IDBI Bank was admitted…
IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Kanakadhara Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 2019-11-22, and Shri B Naga Bhushan was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) and was later appointed as the Resolution Professional (RP). The RP published Form G to invite Expression of Interest (EOI) for resolution plans. Despite multiple attempts and extensions, no viable resolution plan was received. The CoC decided to pursue liquidation.
IDBI Bank initiated CIRP against Kanakadhara Ventures Private Limited under Section 7 of IBC. The application was admitted on 2019-11-22, and Shri B Naga Bhushan was appointed as IRP. The IRP constituted CoC and was later appointed as RP. Form G was published to invite EOI for resolution plans. The last date for receipt of EOI was extended multiple times. Meizo Healthcare Private Limited (MHPL) submitted EOI. The CoC approved the Evaluation Matrix. The last date for submission of Resolution Plan was extended till 2020-04-21. MHPL submitted the Resolution Plan on 2020-09-17. The CoC members viewed the conditions of PRA on the release of personal guarantees and collaterals as unreasonable. The applicant published revised Form G. M/s Safebharat Enterprises Private Limited
…The IDBI Bank limited, the Financial Creditor…
The application filed by IDBI Bank was admitted…