The case involves the liquidation of M/s. Virtual Logic Systems Private Limited. Initially, C.P. (IB) No.126/BB/2017 was filed by Mr. K.S. Hiremath under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was admitted on January 22, 2018, and Mr. Venkata Subbarao Kalva was appointed as Interim Resolution Professional (IRP), later confirmed as Resolution Professional. As no viable resolution plan was received, the Committee approved for initiation of liquidation. The Applicant filed I.A. No.192/2018, under Section 33(1) of the Code seeking an order for Liquidation of the Corporate Debtor. The Tribunal passed an order for liquidation on July 17, 2018, appointing the Applicant as Liquidator. The Liquidator made
…Mr. K.S. Hiremath initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Virtual Logic Systems Private Limited under Section 9 of the IBC, 2016, due to a default of Rs.10,63,750/-. The application was admitted on January 22, 2018, and Mr. Venkata Subbarao Kalva was appointed as Interim Resolution Professional (IRP), later confirmed as Resolution Professional. No viable resolution plan was received, leading to the initiation of liquidation. The Liquidator made public announcements for claims from creditors. The liquidation estate was formed as per Section 36 of the Insolvency and Bankruptcy Code, 2016, including tangible and intangible assets. The intangible assets, consisting of intellectual property (software), were not realized during the liquidation
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C.P. (IB) No.126/BB/2017 was filed by Mr. K.S.…
The application was…
The case involves the liquidation of M/s. Virtual Logic Systems Private Limited. Initially, C.P. (IB) No.126/BB/2017 was filed by Mr. K.S. Hiremath under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was admitted on January 22, 2018, and Mr. Venkata Subbarao Kalva was appointed as Interim Resolution Professional (IRP), later confirmed as Resolution Professional. As no viable resolution plan was received, the Committee approved for initiation of liquidation. The Applicant filed I.A. No.192/2018, under Section 33(1) of the Code seeking an order for Liquidation of the Corporate Debtor. The Tribunal passed an order for liquidation on July 17, 2018, appointing the Applicant as Liquidator. The Liquidator made
…Mr. K.S. Hiremath initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Virtual Logic Systems Private Limited under Section 9 of the IBC, 2016, due to a default of Rs.10,63,750/-. The application was admitted on January 22, 2018, and Mr. Venkata Subbarao Kalva was appointed as Interim Resolution Professional (IRP), later confirmed as Resolution Professional. No viable resolution plan was received, leading to the initiation of liquidation. The Liquidator made public announcements for claims from creditors. The liquidation estate was formed as per Section 36 of the Insolvency and Bankruptcy Code, 2016, including tangible and intangible assets. The intangible assets, consisting of intellectual property (software), were not realized during the liquidation
…C.P. (IB) No.126/BB/2017 was filed by Mr. K.S.…
The application was…