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, Tshering Pintso Bhutia and Ongmu Bhutia. The Corporate Debtor underwent CIRP initiated by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. The resolution plan submitted by the promoter was rejected, leading to a liquidation order. The liquidation process faced challenges due to the land on which the hotel building stood belonging to the personal guarantors, not the Corporate Debtor. The Tribunal directed the Liquidator and the Resolution Professional of the personal guarantors to work together to find a resolution plan. The resolution
…Bank of Baroda (formerly Dena Bank) initiated CIRP against Bluefern Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC, claiming 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 Resolution Plan submitted by the promoter was not acceptable to the CoC, leading to a liquidation order on 06.09.2019. The primary asset of the Corporate Debtor was a hotel building, but the land belonged to the personal guarantors, Tshering Pintso Bhutia and Ongmu Bhutia. The liquidation process was temporarily halted due to the COVID-19 pandemic. The Liquidator attempted to sell the assets, but the land ownership issue hindered the process. The Tribunal
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Hon'ble Bench ordered for initiating CIRP…
The Hon'ble Tribunal passed an order of…
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, Tshering Pintso Bhutia and Ongmu Bhutia. The Corporate Debtor underwent CIRP initiated by Bank of Baroda (erstwhile Dena Bank) due to unpaid dues. The resolution plan submitted by the promoter was rejected, leading to a liquidation order. The liquidation process faced challenges due to the land on which the hotel building stood belonging to the personal guarantors, not the Corporate Debtor. The Tribunal directed the Liquidator and the Resolution Professional of the personal guarantors to work together to find a resolution plan. The resolution
…Bank of Baroda (formerly Dena Bank) initiated CIRP against Bluefern Ventures Private Limited (Corporate Debtor) under Section 7 of the IBC, claiming 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 Resolution Plan submitted by the promoter was not acceptable to the CoC, leading to a liquidation order on 06.09.2019. The primary asset of the Corporate Debtor was a hotel building, but the land belonged to the personal guarantors, Tshering Pintso Bhutia and Ongmu Bhutia. The liquidation process was temporarily halted due to the COVID-19 pandemic. The Liquidator attempted to sell the assets, but the land ownership issue hindered the process. The Tribunal
…Hon'ble Bench ordered for initiating CIRP…
The Hon'ble Tribunal passed an order of…