The case involves an application filed by State Bank of India (SBI), a financial creditor, seeking the liquidation of the corporate debtor, BSR Diagnostic Limited, under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The initial petition under Section 7 of IBC was filed by Axis Bank before the NCLT-Mumbai Bench, which admitted the case on 29.07.2017. A resolution plan was approved on 22.01.2019, and the respondent, Tricounty Premier Hearing Services LLC, took over control of the corporate debtor on 06.02.2019. However, the respondent failed to comply with the terms of the approved resolution plan, leading to the current application for liquidation.
Axis Bank initiated insolvency proceedings against BSR Diagnostic Limited under Section 7 of the IBC, which was admitted on 29.07.2017. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 22.01.2019, and Tricounty Premier Hearing Services LLC took control of BSR Diagnostic Limited on 06.02.2019. Tricounty Premier Hearing Services LLC was obligated to pay Rs. 12 crores upfront and Rs. 45 crores in total as per the resolution plan. The resolution applicant failed to meet the payment deadlines, leading to defaults. SBI, a member of the Committee of Creditors (COC), filed an application for liquidation under Section 33(1) of the IBC. The NCLT granted multiple extensions to the respondent to comply with the resolution plan,
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Axis Bank's petition…
Tribunal appro…
The case involves an application filed by State Bank of India (SBI), a financial creditor, seeking the liquidation of the corporate debtor, BSR Diagnostic Limited, under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The initial petition under Section 7 of IBC was filed by Axis Bank before the NCLT-Mumbai Bench, which admitted the case on 29.07.2017. A resolution plan was approved on 22.01.2019, and the respondent, Tricounty Premier Hearing Services LLC, took over control of the corporate debtor on 06.02.2019. However, the respondent failed to comply with the terms of the approved resolution plan, leading to the current application for liquidation.
Axis Bank initiated insolvency proceedings against BSR Diagnostic Limited under Section 7 of the IBC, which was admitted on 29.07.2017. Sundaresh Bhat was appointed as the interim resolution professional. A resolution plan was approved on 22.01.2019, and Tricounty Premier Hearing Services LLC took control of BSR Diagnostic Limited on 06.02.2019. Tricounty Premier Hearing Services LLC was obligated to pay Rs. 12 crores upfront and Rs. 45 crores in total as per the resolution plan. The resolution applicant failed to meet the payment deadlines, leading to defaults. SBI, a member of the Committee of Creditors (COC), filed an application for liquidation under Section 33(1) of the IBC. The NCLT granted multiple extensions to the respondent to comply with the resolution plan,
…Axis Bank's petition…
Tribunal appro…