The case involves an application filed by State Bank of India (SBI), a financial creditor, seeking liquidation of the corporate debtor, BSR Diagnostic Limited, under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated based on a petition filed by Axis Bank under Section 7 of the IBC before the NCLT-Mumbai Bench, which admitted the petition on 29.07.2017. A resolution plan was approved on 22.01.2019, and the successful resolution applicant, Tricounty Premier Hearing Services LLC, took control of the corporate debtor on 06.02.2019. However, the resolution applicant failed to comply with the terms of the approved resolution plan, leading SBI to file the current application for liquidation and
…Axis Bank initiated CIRP against BSR Diagnostic Limited under Section 7 of IBC, admitted on 2017-07-29. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 2019-01-22, and Tricounty Premier Hearing Services LLC took control on 2019-02-06. Tricounty Premier Hearing Services LLC failed to pay Rs. 12 crores within sixty days of plan approval and failed to meet other payment deadlines, including paying Rs. 26 crores before 2019-03-31, Rs. 3 crores by 2020-03-31 with 8% interest, and Rs. 4 crores by 2021-03-31 with 8% interest. SBI, a member of the COC, filed an application for liquidation under Section 33(1) of IBC and sought penal action under Section 74(3). The respondent filed I.A.No.58/CTB/2020 for timeline revision.
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Axis Bank filed a petition under Section 7…
The Tribunal approved…
The case involves an application filed by State Bank of India (SBI), a financial creditor, seeking liquidation of the corporate debtor, BSR Diagnostic Limited, under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated based on a petition filed by Axis Bank under Section 7 of the IBC before the NCLT-Mumbai Bench, which admitted the petition on 29.07.2017. A resolution plan was approved on 22.01.2019, and the successful resolution applicant, Tricounty Premier Hearing Services LLC, took control of the corporate debtor on 06.02.2019. However, the resolution applicant failed to comply with the terms of the approved resolution plan, leading SBI to file the current application for liquidation and
…Axis Bank initiated CIRP against BSR Diagnostic Limited under Section 7 of IBC, admitted on 2017-07-29. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 2019-01-22, and Tricounty Premier Hearing Services LLC took control on 2019-02-06. Tricounty Premier Hearing Services LLC failed to pay Rs. 12 crores within sixty days of plan approval and failed to meet other payment deadlines, including paying Rs. 26 crores before 2019-03-31, Rs. 3 crores by 2020-03-31 with 8% interest, and Rs. 4 crores by 2021-03-31 with 8% interest. SBI, a member of the COC, filed an application for liquidation under Section 33(1) of IBC and sought penal action under Section 74(3). The respondent filed I.A.No.58/CTB/2020 for timeline revision.
…Axis Bank filed a petition under Section 7…
The Tribunal approved…