The case involves an application filed by the Liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking an order for the dissolution of the Corporate Debtor, Bengal India Global Infrastructure Limited, which is now in liquidation. The Corporate Debtor was admitted into CIRP on October 11, 2018. An application under section 33 of the Insolvency and Bankruptcy Code, 2016 was filed seeking an order of liquidation of the Corporate Debtor. The Adjudicating Authority passed an order on 17.05.2019 granting an order of Liquidation of the Corporate Debtor under Section 33(5) of Insolvency and Bankruptcy Code, 2016. Sanjay Kumar Agarwal was appointed as the liquidator.
The Corporate Debtor, Bengal India Global Infrastructure Limited, was admitted into CIRP on October 11, 2018. No resolution plan was approved during the CIRP period, leading to an order for liquidation on 17.05.2019. Sanjay Kumar Agarwal was appointed as the liquidator. The liquidator took steps to facilitate the liquidation proceedings, including issuing public announcements and appointing valuers. The Corporate Debtor had limited assets, primarily book debts, with an average liquidation value of approximately Rs. 1.50 Lakh. Recovery from book debts was hindered by the COVID-19 pandemic and a lack of stakeholder willingness to contribute to liquidation costs. The liquidator proposed the assignment of book debts as 'Not Readily Realizable Assets' (NRRA), which was
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Corporate Debtor…
Adjudicating Authority passed an order granting…
The case involves an application filed by the Liquidator under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the IBBI (Liquidation Process) Regulations, 2016, seeking an order for the dissolution of the Corporate Debtor, Bengal India Global Infrastructure Limited, which is now in liquidation. The Corporate Debtor was admitted into CIRP on October 11, 2018. An application under section 33 of the Insolvency and Bankruptcy Code, 2016 was filed seeking an order of liquidation of the Corporate Debtor. The Adjudicating Authority passed an order on 17.05.2019 granting an order of Liquidation of the Corporate Debtor under Section 33(5) of Insolvency and Bankruptcy Code, 2016. Sanjay Kumar Agarwal was appointed as the liquidator.
The Corporate Debtor, Bengal India Global Infrastructure Limited, was admitted into CIRP on October 11, 2018. No resolution plan was approved during the CIRP period, leading to an order for liquidation on 17.05.2019. Sanjay Kumar Agarwal was appointed as the liquidator. The liquidator took steps to facilitate the liquidation proceedings, including issuing public announcements and appointing valuers. The Corporate Debtor had limited assets, primarily book debts, with an average liquidation value of approximately Rs. 1.50 Lakh. Recovery from book debts was hindered by the COVID-19 pandemic and a lack of stakeholder willingness to contribute to liquidation costs. The liquidator proposed the assignment of book debts as 'Not Readily Realizable Assets' (NRRA), which was
…Corporate Debtor…
Adjudicating Authority passed an order granting…