The case involves an application (I.A. No.274 of 2020) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Virtual Logic Systems Private Limited (Corporate Debtor) under C.P. (IB) No.126/BB/2017. The CIRP was initiated by Mr. K.S. Hiremath, an operational creditor, due to a default of Rs. 10,63,750. Mr. Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (COC) approved the initiation of liquidation as no viable resolution plan was received. The liquidator then sought orders for the distribution of unsold intangible assets, specifically intellectual property, to Technology Development Board, a secured financial
…Mr. K.S. Hiremath, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Virtual Logic Systems Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, due to a default of Rs. 10,63,750. Mr. Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (COC) approved the initiation of liquidation. The liquidator filed I.A. No.274 of 2020 seeking orders for the distribution of unsold intangible assets (intellectual property) to Technology Development Board (TDB), a secured financial creditor. The intangible assets included software such as Marga-Laparoscopic Surgery Training Simulator, Dissect- Human Anatomy
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C.P. (IB) No.126/BB/2017 filed by Mr. K.S.…
Adjudicating A…
The case involves an application (I.A. No.274 of 2020) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Virtual Logic Systems Private Limited (Corporate Debtor) under C.P. (IB) No.126/BB/2017. The CIRP was initiated by Mr. K.S. Hiremath, an operational creditor, due to a default of Rs. 10,63,750. Mr. Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (COC) approved the initiation of liquidation as no viable resolution plan was received. The liquidator then sought orders for the distribution of unsold intangible assets, specifically intellectual property, to Technology Development Board, a secured financial
…Mr. K.S. Hiremath, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Virtual Logic Systems Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, due to a default of Rs. 10,63,750. Mr. Venkata Subbarao Kalva was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional. The Committee of Creditors (COC) approved the initiation of liquidation. The liquidator filed I.A. No.274 of 2020 seeking orders for the distribution of unsold intangible assets (intellectual property) to Technology Development Board (TDB), a secured financial creditor. The intangible assets included software such as Marga-Laparoscopic Surgery Training Simulator, Dissect- Human Anatomy
…C.P. (IB) No.126/BB/2017 filed by Mr. K.S.…
Adjudicating A…