The case involves an application filed by M.K. Rajagopalan, the successful purchaser, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 32 and 33 and Schedule I Part 2 of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) for BKR Hotels & Resorts Private Limited was initiated on 14.08.2018, but no resolution plan was received. Consequently, liquidation was ordered on 03.05.2019, and a liquidator was appointed. The respondent, S.R. Shriraam Sheker, was later appointed as the liquidator on 01.12.2022. The erstwhile liquidator attempted six public e-auctions, all of which failed. The respondent then initiated a private sale, leading to M.K. Rajagopalan's offer to purchase the
…The Corporate Insolvency Resolution Process (CIRP) for BKR Hotels & Resorts Private Limited was initiated on 14.08.2018 due to its inability to repay its debts. No resolution plan was approved during the CIRP, leading to an order for liquidation on 03.05.2019. Six public e-auctions were conducted by the erstwhile liquidator, but all failed to attract any bidders. The last reserve price was fixed at Rs.68 Crores. The current liquidator, S.R. Shriraam Sheker, then initiated a private sale process. M.K. Rajagopalan expressed interest in purchasing the Corporate Debtor as a going concern and offered Rs.68.04 Crores, which was later increased to Rs.70 Crores. A demand draft for Rs.68.04 Crores was submitted on 21.03.2023. The Stakeholders Committee (SCC) was informed of
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Corporate Insolvency Resolution Process…
Liquidation ordered as…
The case involves an application filed by M.K. Rajagopalan, the successful purchaser, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 32 and 33 and Schedule I Part 2 of the IBBI (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) for BKR Hotels & Resorts Private Limited was initiated on 14.08.2018, but no resolution plan was received. Consequently, liquidation was ordered on 03.05.2019, and a liquidator was appointed. The respondent, S.R. Shriraam Sheker, was later appointed as the liquidator on 01.12.2022. The erstwhile liquidator attempted six public e-auctions, all of which failed. The respondent then initiated a private sale, leading to M.K. Rajagopalan's offer to purchase the
…The Corporate Insolvency Resolution Process (CIRP) for BKR Hotels & Resorts Private Limited was initiated on 14.08.2018 due to its inability to repay its debts. No resolution plan was approved during the CIRP, leading to an order for liquidation on 03.05.2019. Six public e-auctions were conducted by the erstwhile liquidator, but all failed to attract any bidders. The last reserve price was fixed at Rs.68 Crores. The current liquidator, S.R. Shriraam Sheker, then initiated a private sale process. M.K. Rajagopalan expressed interest in purchasing the Corporate Debtor as a going concern and offered Rs.68.04 Crores, which was later increased to Rs.70 Crores. A demand draft for Rs.68.04 Crores was submitted on 21.03.2023. The Stakeholders Committee (SCC) was informed of
…Corporate Insolvency Resolution Process…
Liquidation ordered as…