The application IA No. 85/JPR/2022 was filed by Mr. Prashant Agrawal, the Resolution Professional/Liquidator of M/s Excel Technovation Pvt. Ltd. ('Corporate Debtor'), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had admitted an application filed by M/s Balaji Lifestyle Technologies Pvt. Ltd. ('Operational Creditor') under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process ('CIRP') of the Corporate Debtor. Mr. Prashant Agrawal was appointed as the Interim Resolution Professional, later approved as the Resolution Professional by the CoC. Subsequently, a liquidation order was passed on 31.10.2023, and Mr. Agrawal was appointed as the Liquidator. The application seeks the removal of liens/debit
…M/s Balaji Lifestyle Technologies Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Excel Technovation Pvt. Ltd., the corporate debtor. The CIRP was admitted by the Adjudicating Authority, and Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP) and subsequently the Liquidator after a liquidation order was passed on 31.10.2023. During the CIRP, it came to the IRP's knowledge that the Income Tax Department had marked a lien on the corporate debtor's bank accounts with ICICI Bank Ltd. The lien was based on a notice dated 10.02.2020, issued under Section 226(3) of the Income Tax Act, 1961, due to outstanding tax demands. The IRP requested the
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The Adjudicating Authority admitted the…
The Adjudicating…
The application IA No. 85/JPR/2022 was filed by Mr. Prashant Agrawal, the Resolution Professional/Liquidator of M/s Excel Technovation Pvt. Ltd. ('Corporate Debtor'), under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had admitted an application filed by M/s Balaji Lifestyle Technologies Pvt. Ltd. ('Operational Creditor') under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process ('CIRP') of the Corporate Debtor. Mr. Prashant Agrawal was appointed as the Interim Resolution Professional, later approved as the Resolution Professional by the CoC. Subsequently, a liquidation order was passed on 31.10.2023, and Mr. Agrawal was appointed as the Liquidator. The application seeks the removal of liens/debit
…M/s Balaji Lifestyle Technologies Pvt. Ltd., an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Excel Technovation Pvt. Ltd., the corporate debtor. The CIRP was admitted by the Adjudicating Authority, and Mr. Prashant Agrawal was appointed as the Interim Resolution Professional (IRP), later becoming the Resolution Professional (RP) and subsequently the Liquidator after a liquidation order was passed on 31.10.2023. During the CIRP, it came to the IRP's knowledge that the Income Tax Department had marked a lien on the corporate debtor's bank accounts with ICICI Bank Ltd. The lien was based on a notice dated 10.02.2020, issued under Section 226(3) of the Income Tax Act, 1961, due to outstanding tax demands. The IRP requested the
…The Adjudicating Authority admitted the…
The Adjudicating…