The case involves two interlocutory applications (I.A. No. 574/2021 and I.A. No. 565/2022) filed by the Resolution Professional of M/S Bartronics Solutions Limited, the Corporate Debtor, under Sections 33(2) and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applications sought orders for the initiation of the liquidation process against the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 04.08.2021, and the Applicant was appointed as the interim resolution professional. The Committee of Creditors (CoC) was constituted, and in its second meeting on 27.09.2021, it was resolved that the Corporate Debtor be liquidated due to
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Bartronics Solutions Limited on 04.08.2021, with the Applicant appointed as the interim resolution professional. The CIRP was initiated based on an application filed under Section 7 of the Code by M/S Infokall Solutions Ltd., a financial creditor. The Committee of Creditors (CoC) was constituted, and in its second meeting on 27.09.2021, the CoC reviewed the financial performance of the Corporate Debtor, noting continuous losses and erosion of net worth. The Corporate Debtor was unable to meet its payment obligations to its financial and operational creditors. The financial statements revealed losses of Rs. 28.29 Lakh in 2019-2020 and Rs. 44.13 Lakh in 2020-2021. The CoC resolved that the
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The case involves two interlocutory applications (I.A. No. 574/2021 and I.A. No. 565/2022) filed by the Resolution Professional of M/S Bartronics Solutions Limited, the Corporate Debtor, under Sections 33(2) and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applications sought orders for the initiation of the liquidation process against the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 04.08.2021, and the Applicant was appointed as the interim resolution professional. The Committee of Creditors (CoC) was constituted, and in its second meeting on 27.09.2021, it was resolved that the Corporate Debtor be liquidated due to
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Bartronics Solutions Limited on 04.08.2021, with the Applicant appointed as the interim resolution professional. The CIRP was initiated based on an application filed under Section 7 of the Code by M/S Infokall Solutions Ltd., a financial creditor. The Committee of Creditors (CoC) was constituted, and in its second meeting on 27.09.2021, the CoC reviewed the financial performance of the Corporate Debtor, noting continuous losses and erosion of net worth. The Corporate Debtor was unable to meet its payment obligations to its financial and operational creditors. The financial statements revealed losses of Rs. 28.29 Lakh in 2019-2020 and Rs. 44.13 Lakh in 2020-2021. The CoC resolved that the
…Tribunal directed the initiation of…
The Applicant was…