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 (TDB), a secured financial
…M/s. Virtual Logic Systems Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) 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 CIRP failed to produce a viable resolution plan, leading to the initiation of liquidation. The liquidator formed a liquidation estate comprising both tangible and intangible assets, including intellectual property (software). The intellectual property, developed during 2014-2016, was not upgraded and required significant investment. The Technology Development Board (TDB) is a secured financial creditor with a majority
…Sign in to view the parties.
C.P. (IB) No.126/BB/2017 filed by Mr. K.S.…
Adjudicating Authority admitted C.P. (IB)…
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 (TDB), a secured financial
…M/s. Virtual Logic Systems Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) 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 CIRP failed to produce a viable resolution plan, leading to the initiation of liquidation. The liquidator formed a liquidation estate comprising both tangible and intangible assets, including intellectual property (software). The intellectual property, developed during 2014-2016, was not upgraded and required significant investment. The Technology Development Board (TDB) is a secured financial creditor with a majority
…C.P. (IB) No.126/BB/2017 filed by Mr. K.S.…
Adjudicating Authority admitted C.P. (IB)…