The case involves an application under Section 30(6) and 114 of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Bluefern Ventures Private Limited (Corporate Debtor) and its personal guarantors. The Corporate Debtor was admitted into CIRP following a petition by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. Liquidation was ordered after the CoC rejected the initial resolution plan. The liquidation process faced hurdles due to the land on which the Corporate Debtor's hotel stood belonging to the personal guarantors, not the Corporate Debtor itself. The sole Financial Creditor (Bank of Baroda) initiated CIRP against the personal guarantors. The Tribunal directed the Liquidator and the Resolution Professional of the personal
…Bank of Baroda (formerly Dena Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Bluefern Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to outstanding dues of Rs. 37,68,62,983.00. Hrishikesh Dasgupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) rejected the resolution plan submitted by the promoter, leading to an order for liquidation on 06.09.2019, with Hrishikesh Dasgupta appointed as the Liquidator. The primary asset of the Corporate Debtor (CD) was a building, but the land on which it stood was owned by the promoters, who were also the personal guarantors. The sole Financial Creditor (FC), Bank of
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Hon'ble Bench ordered for initiating CIRP…
Mr. Hrishikesh Dasgupta…
The case involves an application under Section 30(6) and 114 of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Bluefern Ventures Private Limited (Corporate Debtor) and its personal guarantors. The Corporate Debtor was admitted into CIRP following a petition by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. Liquidation was ordered after the CoC rejected the initial resolution plan. The liquidation process faced hurdles due to the land on which the Corporate Debtor's hotel stood belonging to the personal guarantors, not the Corporate Debtor itself. The sole Financial Creditor (Bank of Baroda) initiated CIRP against the personal guarantors. The Tribunal directed the Liquidator and the Resolution Professional of the personal
…Bank of Baroda (formerly Dena Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Bluefern Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to outstanding dues of Rs. 37,68,62,983.00. Hrishikesh Dasgupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) rejected the resolution plan submitted by the promoter, leading to an order for liquidation on 06.09.2019, with Hrishikesh Dasgupta appointed as the Liquidator. The primary asset of the Corporate Debtor (CD) was a building, but the land on which it stood was owned by the promoters, who were also the personal guarantors. The sole Financial Creditor (FC), Bank of
…Hon'ble Bench ordered for initiating CIRP…
Mr. Hrishikesh Dasgupta…