The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation process for the Corporate Debtor, M/s. Azimuth Software India Private Limited. The Resolution Professional (RP), Shri K. Suresh, filed the application after the Corporate Insolvency Resolution Process (CIRP) period expired and the Committee of Creditors (CoC) could not approve a resolution plan or the liquidation with the required majority. The RP discovered that the Corporate Debtor was not functioning, had vacated its premises, and possessed minimal assets. The CoC consisted only of operational creditors, and the CIRP had only increased costs without any business being run.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Azimuth Software India Private Limited. Shri K. Suresh was appointed as the Interim Resolution Professional (IRP) on 2021-03-04. The IRP made a public announcement calling for claims from creditors. Upon inspection on 2021-03-13, it was discovered that the Corporate Debtor's business was not functioning, and the premises had been vacated for over a year. The Corporate Debtor's inventories were minimal, consisting of a few chairs, a functioning computer, and some CDs. The IRP received only one claim of Rs. 2,23,808.12 from Mrs. B. Padmavathi, accepting only Rs. 1,30,121 due to a lack of agreement on the interest portion. The Committee of Creditors (CoC) consisted only of operational creditors.
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Shri K. Suresh was…
The IRP made a public…
The case involves an application filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation process for the Corporate Debtor, M/s. Azimuth Software India Private Limited. The Resolution Professional (RP), Shri K. Suresh, filed the application after the Corporate Insolvency Resolution Process (CIRP) period expired and the Committee of Creditors (CoC) could not approve a resolution plan or the liquidation with the required majority. The RP discovered that the Corporate Debtor was not functioning, had vacated its premises, and possessed minimal assets. The CoC consisted only of operational creditors, and the CIRP had only increased costs without any business being run.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Azimuth Software India Private Limited. Shri K. Suresh was appointed as the Interim Resolution Professional (IRP) on 2021-03-04. The IRP made a public announcement calling for claims from creditors. Upon inspection on 2021-03-13, it was discovered that the Corporate Debtor's business was not functioning, and the premises had been vacated for over a year. The Corporate Debtor's inventories were minimal, consisting of a few chairs, a functioning computer, and some CDs. The IRP received only one claim of Rs. 2,23,808.12 from Mrs. B. Padmavathi, accepting only Rs. 1,30,121 due to a lack of agreement on the interest portion. The Committee of Creditors (CoC) consisted only of operational creditors.
…Shri K. Suresh was…
The IRP made a public…