The case originates from an application filed by Mr. Joji Thomas under Section 9 of the I&B Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SGP Software Solutions Private Limited. The application was admitted on 2019-09-24, initiating CIRP and appointing Mr. Motappa Thimmarayaswamy as the Interim Resolution Professional (IRP). Public announcement was made on 2019-10-11. The Committee of Creditors (CoC) was formed, initially consisting of a sole financial creditor, Yes Bank. Subsequently, Yes Bank opted out after recovering dues from a corporate guarantor, leading to reconstitution of the CoC with operational creditors. The Resolution Professional published an invitation for Expression of Interest, but no interest was received. The
…Mr. Joji Thomas filed CP(IB) No. 137/BB/2018 under Section 9 of the I&B Code, 2016, to initiate CIRP against SGP Software Solutions Private Limited. The NCLT admitted the case on 2019-09-24, initiating CIRP and appointing Mr. Motappa Thimmarayaswamy as IRP. A public announcement was made on 2019-10-11. The CoC was initially comprised of Yes Bank, the sole financial creditor, but Yes Bank later opted out after recovering dues from a corporate guarantor. The CoC was reconstituted with four operational creditors. The RP invited Expressions of Interest, but none were received by 2020-04-23. The CoC authorized the RP to file for liquidation on 2020-06-19. The company's turnover had declined significantly, with the turnover for FY 2018-19 being Rs. 3.59 Crore, 70% less
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Mr. Joji Thomas filed CP(IB) No. 137/BB/2018…
The NCLT admitted the case, initiating CIRP and…
The case originates from an application filed by Mr. Joji Thomas under Section 9 of the I&B Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against SGP Software Solutions Private Limited. The application was admitted on 2019-09-24, initiating CIRP and appointing Mr. Motappa Thimmarayaswamy as the Interim Resolution Professional (IRP). Public announcement was made on 2019-10-11. The Committee of Creditors (CoC) was formed, initially consisting of a sole financial creditor, Yes Bank. Subsequently, Yes Bank opted out after recovering dues from a corporate guarantor, leading to reconstitution of the CoC with operational creditors. The Resolution Professional published an invitation for Expression of Interest, but no interest was received. The
…Mr. Joji Thomas filed CP(IB) No. 137/BB/2018 under Section 9 of the I&B Code, 2016, to initiate CIRP against SGP Software Solutions Private Limited. The NCLT admitted the case on 2019-09-24, initiating CIRP and appointing Mr. Motappa Thimmarayaswamy as IRP. A public announcement was made on 2019-10-11. The CoC was initially comprised of Yes Bank, the sole financial creditor, but Yes Bank later opted out after recovering dues from a corporate guarantor. The CoC was reconstituted with four operational creditors. The RP invited Expressions of Interest, but none were received by 2020-04-23. The CoC authorized the RP to file for liquidation on 2020-06-19. The company's turnover had declined significantly, with the turnover for FY 2018-19 being Rs. 3.59 Crore, 70% less
…Mr. Joji Thomas filed CP(IB) No. 137/BB/2018…
The NCLT admitted the case, initiating CIRP and…