The case involves an application (IA 1721/2021) filed by Marvel Media Private Limited and SAB Events & Governance Now Media Limited (jointly) seeking a direction to the Resolution Professional (RP) to present a Resolution Plan submitted by the applicants. The Corporate Insolvency Resolution Process (CIRP) against Sri Adhikari Brothers Television Network Limited had commenced on 20.12.2019. The applicants' resolution plan was based on their combined net worth exceeding Rs. 10 crore, a requirement for prospective resolution applicants. However, a due verification revealed that the net worth of SAB Events & Governance Now Media Ltd was 'NIL', resulting in a combined net worth of less than Rs. 10 crore.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sri Adhikari Brothers Television Network Limited on 20.12.2019. Marvel Media Private Limited and SAB Events & Governance Now Media Limited jointly filed an application (IA 1721/2021) seeking to direct the Resolution Professional (RP) to present their Resolution Plan. The applicants claimed a combined net worth exceeding Rs. 10 crore as of 31.03.2019, based on a certificate from Bhavesh Vora and Associates, Chartered Accountants. However, a due verification by Mr. Vinod Kumar Jain, Chartered Accountant, revealed that SAB Events & Governance Now Media Ltd had a 'NIL' net worth as of 31.03.2019. The RP presented this fact to the Committee of Creditors (CoC) on 29.12.2020. Markand Adhikari and
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Corporate Insolvency Resolution Process (CIRP)…
The first meeting of…
The case involves an application (IA 1721/2021) filed by Marvel Media Private Limited and SAB Events & Governance Now Media Limited (jointly) seeking a direction to the Resolution Professional (RP) to present a Resolution Plan submitted by the applicants. The Corporate Insolvency Resolution Process (CIRP) against Sri Adhikari Brothers Television Network Limited had commenced on 20.12.2019. The applicants' resolution plan was based on their combined net worth exceeding Rs. 10 crore, a requirement for prospective resolution applicants. However, a due verification revealed that the net worth of SAB Events & Governance Now Media Ltd was 'NIL', resulting in a combined net worth of less than Rs. 10 crore.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Sri Adhikari Brothers Television Network Limited on 20.12.2019. Marvel Media Private Limited and SAB Events & Governance Now Media Limited jointly filed an application (IA 1721/2021) seeking to direct the Resolution Professional (RP) to present their Resolution Plan. The applicants claimed a combined net worth exceeding Rs. 10 crore as of 31.03.2019, based on a certificate from Bhavesh Vora and Associates, Chartered Accountants. However, a due verification by Mr. Vinod Kumar Jain, Chartered Accountant, revealed that SAB Events & Governance Now Media Ltd had a 'NIL' net worth as of 31.03.2019. The RP presented this fact to the Committee of Creditors (CoC) on 29.12.2020. Markand Adhikari and
…Corporate Insolvency Resolution Process (CIRP)…
The first meeting of…