The Corporate Debtor, M/s Balaji Lifestyle Technologies Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2022-06-01, and Mr. Tara Chand Sharma was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, comprising four financial creditors. The CoC rejected the proposal to confirm the IRP as the Resolution Professional (RP). Subsequently, Mr. Jai Prakash Rawat was appointed as RP. Despite efforts, no resolution plan was received. The RP then filed an application for liquidation of the Corporate Debtor.
M/s Balaji Lifestyle Technologies Private Limited initiated CIRP by filing an application under Section 10 of the IBC, which was admitted on 2022-06-01. Mr. Tara Chand Sharma was appointed as IRP. The CoC, consisting of UCO Bank, Tata Capital Financial Services Limited, Bajaj Finance Limited, and Aditya Birla Finance Limited, rejected the proposal to confirm the IRP as RP. Mr. Jai Prakash Rawat was later appointed as RP. Despite publishing Form-G, no resolution plan was received. The CoC was reconstituted, increasing the number of financial creditors to five. In the 5th CoC meeting, the members approved the liquidation of the Corporate Debtor with 89.39% voting share. The RP, Mr. Jai Prakash Rawat, was appointed as Liquidator. The Adjudicating Authority considered
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The application under…
Mr. Tara Chand Sharma…
The Corporate Debtor, M/s Balaji Lifestyle Technologies Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) after filing an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2022-06-01, and Mr. Tara Chand Sharma was appointed as the Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, comprising four financial creditors. The CoC rejected the proposal to confirm the IRP as the Resolution Professional (RP). Subsequently, Mr. Jai Prakash Rawat was appointed as RP. Despite efforts, no resolution plan was received. The RP then filed an application for liquidation of the Corporate Debtor.
M/s Balaji Lifestyle Technologies Private Limited initiated CIRP by filing an application under Section 10 of the IBC, which was admitted on 2022-06-01. Mr. Tara Chand Sharma was appointed as IRP. The CoC, consisting of UCO Bank, Tata Capital Financial Services Limited, Bajaj Finance Limited, and Aditya Birla Finance Limited, rejected the proposal to confirm the IRP as RP. Mr. Jai Prakash Rawat was later appointed as RP. Despite publishing Form-G, no resolution plan was received. The CoC was reconstituted, increasing the number of financial creditors to five. In the 5th CoC meeting, the members approved the liquidation of the Corporate Debtor with 89.39% voting share. The RP, Mr. Jai Prakash Rawat, was appointed as Liquidator. The Adjudicating Authority considered
…The application under…
Mr. Tara Chand Sharma…