The case involves an application filed by Mr. Gaurang Chhotalal Shah, the Resolution Professional of Blue Arcade Properties Private Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Blue Arcade Properties Private Limited following an order dated 28.03.2024, in Company Petition bearing C.P.(IB)/277(MB)2021 filed under Section 7 of the Code by SREI Equipment Finance Limited, the Financial Creditor. Mr. Gaurang Chhotalal Shah was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.
SREI Equipment Finance Limited initiated CIRP against Blue Arcade Properties Private Limited under Section 7 of the IBC. Mr. Gaurang Chhotalal Shah was appointed as the Resolution Professional. Public announcement was made to invite claims from creditors. Despite receiving inquiries, no resolution plan was submitted within the extended deadline. The Committee of Creditors (CoC) then resolved with 100% majority to liquidate the Corporate Debtor and appoint Mr. Girish Hingorani as the Liquidator. The Resolution Professional filed an application seeking liquidation of the Corporate Debtor. The key fact is the absence of a viable resolution plan, leading to the decision for liquidation.
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C.P.(IB)/277(MB-IV)2021 filed by SREI…
Tribunal admitted the Company Petition and…
The case involves an application filed by Mr. Gaurang Chhotalal Shah, the Resolution Professional of Blue Arcade Properties Private Limited, seeking liquidation of the Corporate Debtor under Section 33 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Blue Arcade Properties Private Limited following an order dated 28.03.2024, in Company Petition bearing C.P.(IB)/277(MB)2021 filed under Section 7 of the Code by SREI Equipment Finance Limited, the Financial Creditor. Mr. Gaurang Chhotalal Shah was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.
SREI Equipment Finance Limited initiated CIRP against Blue Arcade Properties Private Limited under Section 7 of the IBC. Mr. Gaurang Chhotalal Shah was appointed as the Resolution Professional. Public announcement was made to invite claims from creditors. Despite receiving inquiries, no resolution plan was submitted within the extended deadline. The Committee of Creditors (CoC) then resolved with 100% majority to liquidate the Corporate Debtor and appoint Mr. Girish Hingorani as the Liquidator. The Resolution Professional filed an application seeking liquidation of the Corporate Debtor. The key fact is the absence of a viable resolution plan, leading to the decision for liquidation.
C.P.(IB)/277(MB-IV)2021 filed by SREI…
Tribunal admitted the Company Petition and…