The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Virgo Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the I&B Code, 2016, by the Corporate Debtor, which was admitted by the Authority on 2019-06-11. Mr. Yogesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP took over the management of the CD, issued newspaper publications inviting claims from creditors, and constituted a Committee of Creditors (CoC).
Virgo Services Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Yogesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP prepared an information memorandum and appointed valuers. The Committee of Creditors (CoC) approved estimated CIRP costs of Rs 8,65,400/-, but the book value of the Corporate Debtor's (CD) assets was much lower. The RP determined that the CD's business could not be restarted due to a lack of assets. The CoC resolved to liquidate the CD and authorized the RP to file an application for liquidation. No resolution plan was received within the 180-day CIRP period.
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IB/1368/ND/2018 filed…
The Authority admitted…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Virgo Services Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the I&B Code, 2016, by the Corporate Debtor, which was admitted by the Authority on 2019-06-11. Mr. Yogesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP took over the management of the CD, issued newspaper publications inviting claims from creditors, and constituted a Committee of Creditors (CoC).
Virgo Services Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Yogesh Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The RP prepared an information memorandum and appointed valuers. The Committee of Creditors (CoC) approved estimated CIRP costs of Rs 8,65,400/-, but the book value of the Corporate Debtor's (CD) assets was much lower. The RP determined that the CD's business could not be restarted due to a lack of assets. The CoC resolved to liquidate the CD and authorized the RP to file an application for liquidation. No resolution plan was received within the 180-day CIRP period.
…IB/1368/ND/2018 filed…
The Authority admitted…