The case pertains to an application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of the Corporate Debtor, Brinzk Powertech Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by the Operational Creditor under Section 9 of the Code. Mr. V. Mahesh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A resolution plan submitted by the Promoter of the Corporate Debtor was rejected by the Committee of Creditors (CoC), which then recommended liquidation. The applicant then filed an application under Section 33 of IBC for liquidation, which was allowed on 15.07.2019.
The Operational Creditor filed a petition under Section 9 of the IBC, leading to the initiation of CIRP against Brinzk Powertech Private Limited on 26.06.2018. Mr. V. Mahesh was appointed as IRP and later as RP. A resolution plan was submitted by the Promoter but was rejected by the CoC on 15.03.2019, leading to a recommendation for liquidation. An application under Section 33 of IBC for liquidation was allowed on 15.07.2019. The Liquidator made public announcements inviting claims, formed a Stakeholders Consultation Committee (SCC) on 07.11.2019, and opened a new bank account. E-auctions were conducted to sell the Corporate Debtor's assets, including land, building, plant, and machinery. The sale proceeds amounted to Rs. 7,77,00,000.00. The proceeds were distributed
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Adjudicating Authority directed initiation of…
Committee of Creditors…
The case pertains to an application filed by the Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the dissolution of the Corporate Debtor, Brinzk Powertech Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following a petition filed by the Operational Creditor under Section 9 of the Code. Mr. V. Mahesh was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A resolution plan submitted by the Promoter of the Corporate Debtor was rejected by the Committee of Creditors (CoC), which then recommended liquidation. The applicant then filed an application under Section 33 of IBC for liquidation, which was allowed on 15.07.2019.
The Operational Creditor filed a petition under Section 9 of the IBC, leading to the initiation of CIRP against Brinzk Powertech Private Limited on 26.06.2018. Mr. V. Mahesh was appointed as IRP and later as RP. A resolution plan was submitted by the Promoter but was rejected by the CoC on 15.03.2019, leading to a recommendation for liquidation. An application under Section 33 of IBC for liquidation was allowed on 15.07.2019. The Liquidator made public announcements inviting claims, formed a Stakeholders Consultation Committee (SCC) on 07.11.2019, and opened a new bank account. E-auctions were conducted to sell the Corporate Debtor's assets, including land, building, plant, and machinery. The sale proceeds amounted to Rs. 7,77,00,000.00. The proceeds were distributed
…Adjudicating Authority directed initiation of…
Committee of Creditors…